Buying a home in Canada as a newcomer
Canada, 3rd November: Buying a home as an immigrant requires careful planning.
Buying a home is a dream-come-true for many. And the thought of buying a piece of land in Canada as an immigrant makes it all the more exciting since Canada is home to a large number of immigrants from different nations.
However, to make the process smooth, you need to follow certain steps—
Know your eligibility for buying a home in Canada—To be eligible for buying a house in Canada, you must—
• Have immigrated (including relocation) to Canada within the last 36 months;
• Have a minimum of three months full time employment in Canada;
• Include all debts held by you outside the nation in debt servicing ratios.
Various documents required—
• Income verification;
• Valid work visa or got landed immigrant status;
• Confirmation of down payment;
• Sale and Purchase agreement;
• Letter of reference of any recognized financial institute or bank statements of last six months from primary account.
Steps for buying---
• Decide on the location—Since Canada is a big nation and each region or province has its own set of advantages. Immigrants can make use of internet to know various geographic locations.
• Consult realtor—You can ask a realtor about various regulations applicable to immigrants wanting to purchase land or a house in Canada.
• Begin search—After getting an idea about the properties you are interested in, you need to proceed ahead by applying for a mortgage. As an immigrant, one may find it difficult to get a lender willing to provide money.
• Processing application—You need to find a qualified Canadian resident for drawing up your paperwork. You need to complete the entire process of registration at any nearest office of Land Titles in Canada.
• Choose your property—Choose the property of your liking and make an offer of buying. After acceptance of your offer, you need to put down 35 percent of total property cost. You can get remaining 35 percent of the cost from any American money lender.
• Role of attorney—An attorney is of significance in buying a property in Canada since he will check various documents concerning purchase process. You need to submit all relevant documents and get mortgage documents. Don’t forget to read these carefully.