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