It doesn’t really matter what part of the world you’re from, starting a new life in a new country can be a daunting task. Some of the rules for buying that first home in Canada are the same as those that apply to Canadians. However, people who have just arrived and are trying to settle in have a few extra things they need to look at when they are applying for a first time mortgage in their new country.
These include:
- The fact that new immigrants need to be employed for at least three months before they can apply for a mortgage to buy a house here. It’s much the same as with every other person in the country. All the lending institutions want to be sure they will get their money back and that you don’t pose a risk for non-payment.
- New Canadians should start a credit history as soon as possible. One of the most important first-time home buyer tips they can get is about establishing themselves in the system and a credit rating does just that. Getting a credit card is one of the best ways to start down this road but remember to use it wisely and always make your payments on time.
- Immigrants that don’t have landed status can still apply and get a mortgage under certain circumstances. These folks need to have an adequate credit history and documentation that shows the value of their assets.
Starting in Canada means a lot of new opportunities for people who come here from across the globe. Any first-time home buyer tips for these people should always include what they will need to do to get that very first mortgage and a foothold in the Canadian real estate system.
