What additional considerations should newcomers to Canada keep in mind when applying for a mortgage?

Author: Boychuk Mortgage Group |

Beyond the basic eligibility requirements and documentation, newcomers should consider other factors that may impact their mortgage application and homeownership journey in Canada. These include:

  • Currency exchange and income stability: Ensure your income is stable and sufficient to cover mortgage payments, taking into account any currency exchange rates if you receive income from abroad.
  • Understanding Canadian mortgage terms: Familiarise yourself with terms such as amortisation periods, fixed versus variable interest rates, and mortgage insurance requirements.
  • Costs of homeownership: Aside from the mortgage payments, consider additional costs such as property taxes, home insurance, maintenance, and utilities.
  • Building a credit history: Start building a Canadian credit history by responsibly using credit cards or other financial products available to newcomers.
  • Future plans: Consider your long-term plans in Canada, such as potential job changes or family growth, and how they may impact your housing needs.