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New
to Canada?
If you’re
a recent immigrant or are thinking of immigrating to Canada you
may experience some problems arranging a mortgage to buy your
first home in Canada. Most banks want to see that you have some
stability in Canada before they will consider lending you money
for a mortgage.
The biggest
factor in arranging financing shortly after arriving in Canada
will be the size of your downpayment. The bigger your downpayment
the easier it will be to arrange financing. With a downpayment
equal to 35% of the purchase price you are almost guaranteed to
find a lender willing to lend you the money you need. Conversely,
if you have less than 15% of the purchase price available for
the downpayment you will have a very difficult time arranging
the financing you need.
Another factor
that the banks will be looking at is your employment status in
Canada. Has a large multi-national company transferred you to
Canada or are you starting a new career with a small company?
Are you working in the same field as you were in your country
of origin or are you in a completely different line of work?
These are
just some of the issues that the banks will be looking at to determine
your eligibility for a mortgage.
We deal with
mortgages every day and have the expertise you will need to buy
your first home in Canada. If you would like our assistance in
arranging your mortgage just let us know. We would be happy to
explain all the intricacies of mortgage financing to you and we
will always endeavor to get you the best possible mortgage to
meet your needs!
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