One of the challenges of moving to another country like Canada is securing the funds you’ll need to buy a property you can call your own. Credit history, visa issues—these are just of the things you have to deal with when getting financing for your home. However, while it is indeed challenging, it doesn’t necessarily mean that it isn’t doable. As a matter of fact, applying for a mortgage might be easier than you think.
An Irish couple who moved to Canada has just proven how easy it is to secure financing that will allow them to buy a house in the North American country. According to them, newcomers should get their paperwork and credit history in order before applying for a mortgage.
Caitriona Ni Cuilinn and her husband moved to Toronto three years ago and used that time to build up savings and a Canadian credit history. This enabled them to obtain financing relatively quickly. “We had an idea that we wanted to settle here, but wanted to wait until we had our permanent residency (PR) cards in our hands.”
At first, Ni Cuilinn admitted that they have encountered some difficulties. She said they really had no idea of what was required to get a mortgage. They had to rely on recommendations because they do not know any mortgage brokers or realtors in the city. Because they perceive themselves as “outsiders,” they were worried that they would be taken advantage of.
To avoid complications from arising, the couple had done a lot of research. They quickly learned just how much paperwork would be involved in the overall transaction. They also spent some time meeting a few mortgage brokers and realtors in Toronto before choosing one.
For emigrants who want to apply for a mortgage in Canada, Ni Cuilinn stressed out the importance of preparing the necessary paperwork in advance. According to her, some lenders and mortgage insurance providers may ask them for their financial history from their home country, especially if their Canadian credit history is limited. Also, they should always remember that every provider has its own policy in place.
After performing due diligence, all of their efforts bore fruit. The couple secured financing with just 5% down through their mortgage broker and bought a three-bedroom house. “Just because you are a newcomer, it does not mean you cannot get a mortgage or even that it’s more difficult,” Ni Cuilinn said. “If you are prepared and financially able to do it, you can get the financing.”