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This is what you need to know to buy your first home in Canada.
If you want to buy a home in Canada and have the liquid cash for the full cost to purchase a house, condominium or investment property you need 3 things; a relationship with a local Real Estate Agent, a local Lawyer and a Canadian bank to transfer funds. Additionally the Canadian bank and Lawyer will need to check references with their counterparts in your country of origin.
If you want to buy a home in Canada and do not have the liquid cash for the full cost to purchase the money to finance the purchase of a new home comes from two sources:
If you can show two years employment history and have at least 20% of the purchase price to use as a down payment, you may qualify for a “conventional” mortgage. If you don’t have less than 20% to put down, you may qualify for a mortgage but it will need to be insured against default. An insured Mortgage adds an extra 1% to 3% to the cost of the mortgage.
If you have a down payment of 35% or more, and aren’t able to provide the usual confirmation of employment and income to demonstrate you can service a mortgage it is still possible to get a mortgage. Basic enquiries about your financial history and your permanent residency status will have to be provided to the Lender and letters of reference from a recognized international financial institution and lawyer go a long way to expediting the process.
If you don’t have the 35% down payment, you may be eligible to arrange a mortgage, however it will need to be insured against non-payment. Ideally you will have: