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What to Expect When Purchasing Your First Canadian Property

Sep 16, 2016by adminMortgages

Adjusting to Canada as a newcomer can be a long and difficult process. Settling down and purchasing a property of your own is the best way to start feeling at home in Canada. The Canadian housing market may seem daunting, but luckily there are many resources out there to help recent immigrants find the home of their dreams. If you’re a newcomer to the country, here is everything you need to know about purchasing your first Canadian property.

Financing Your Home

Once you’ve put an offer on your dream home and had the offer accepted, how do you go about financing your home as a newcomer to Canada? Most home buyers don’t have the funds to pay for their desired property all at once, which is why most Canadians take out mortgages from banks or private lenders. The average amortization period for a Canadian mortgage is 25 years, depending on the value of the house and the home owner’s income.

Many newcomers to Canada may have trouble securing a mortgage because they don’t have an established credit history in the country. A good credit history shows lenders that you are capable of managing your finances and paying off your debts. Here are some ways that you can start building a good credit history as a newcomer to Canada:

  1. Open a bank account and use it regularly
  2. Apply for a credit card
  3. If you are approved for a credit card, pay it off in a consistent and timely manner
  4. Pay all bills, including internet, phone and utility bills, in a consistent and timely manner

If you follow these simple financial guidelines, over time you’ll be able to build a credit history that will allow you to secure a mortgage.

How Can Team Levine Help Newcomers?

At Team Levine, we recognize how difficult it can be for recent immigrants to enter the Canadian housing market. That’s why we started our New to Canada Program. If you arrived in Canada within the last five years and have a valid work permit or permanent residency visa, our mortgage professionals can help you secure a mortgage for as little as 5% down. If you don’t have a Canadian credit history, we can also help you find the lender that’s right for you. For more information about our New to Canada Program or to talk to one of our professional mortgage experts about your property financing options, contact us today.

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