Becoming a homeowner can be very exciting but at the same time can also feel a little intimidating. Some of the most common questions asked by newcomers are: Do I qualify for a mortgage? What’s a pre-approval? And how does buying a home in Canada differ from my home country?
A home can be one of the most personally and financially rewarding investments you’ll ever make, If it’s your first time buying a home and you are new to the country, the process may seem a little overwhelming.
The top five concerns newcomers have are:
1) Getting approved for a mortgage: 31 per cent
2) Making the down payment on their home: 18 per cent
3) Making the regular monthly mortgage payments: 16 per cent
4) House prices rising in the next two years: 14 per cent
5) Mortgage rates going up: 14 per cent
There are a lot of uncertainties that come with buying a home, which is why it’s important to know the right questions to ask. Here are a few to help you get started:
• How much can I actually afford?
• What are the best mortgage options for me and my financial situation?
• How much do I have for a down payment and how much will I need?
• What are closing costs and how much do I need to set aside?
If you answer these tough questions in advance you can avoid last minute surprises when it comes time to purchase your home in Canada.
Source: News Canada