As a mortgage agent in Ottawa, the capital of a definitively multicultural nation, I have been able to assist many clients who have immigrated to Canada realize the dream of home ownership. Due to my experiences with people from around the world, I am very confident in my ability to navigate with these new comers the waters of Canadian mortgage rules and laws and be able to guide them through the process.
One thing that is often confusing to new residents of Canada is the fact that credit plays such an important role in home ownership and indeed in borrowing money for anything. This is a new concept for many who come from countries where carrying credit is frowned upon or simply not used and therefore they need to be educated on the way things work with credit in North America.
New immigrants must be here for at least one year and have permanent residency status in order to apply for a mortgage. For these people there is often credit available to them that they may not be aware of and it is simply a matter of me using my experience to determine if that is the case and how they can qualify.
For those who have not been here long enough to qualify for a mortgage and who are working toward permanent residency, it is a good idea to get them establishing credit right away so that once they have met the requirements of permanent residency they are set to move forward into home ownership. I often end up working with people to establish a plan for building credit that will enable them to qualify for a mortgage a few years down the road. I am always happy to do this because I am investing in my clients for the long haul.
Another issue that might arise is if they are bringing their funds for a down payment from their country of origin. There is a clear legal requirement for this and again might require postponing a purchase until the funds are cleared through the system and established in a Canadian bank. I work with these clients to help them bring in their funds.
As we welcome more and more people to this great nation, the majority will want to make the move to home ownership at some point and as a mortgage agent with experience in this area, I am delighted to take the time to walk them through the process, answer all their questions, and help them get on the path to buying a home and making an investment in their new country.
If you are a new immigrant or you know someone who is and who would be interested in more information, please contact me and I will set up an information meeting.