Buying a home when 'New to Canada'
Know funny. Things happened mike. And i had actually planned this episode several weeks back to discuss the options for new to canada homebuyers so it was completely fortuitous that i received a voicemail from a potential future home buyer in england. This gentleman apparently wants to move to canada in about a year from now. And he's got he's got questions about options for getting mortgages and what. The costs are involved in buying a house. Here's his voice. Mail a by a heavier well. I may cost list from the uk. My life is winning. Pick and we're looking to move back to winnipeg with young kids in the year or so. My question is this aside from the usual down payment taxes. Is there anything else you think. We may need to consider when volume winnipeg when moving from abroad particularly in relation to mortgages and credit otherwise. Thanks during about costs. A nice place to stay in touch with what's happening will the best now. First of all let me say. I really love getting feedback like that. It tells me that there's actually people listening and it's making a difference that's that's really good Very simple way for you to leave me a voicemail like this by simply going to my podcast website page which is at bono's dot homes slash podcast or if you to this episode in particular bono's dot homes slash one four two everytime you go to my site. A little microphone will appear at the bottom of your screen. Just click it. Leave me voice mail. The will be required to leave an email address. And i will get back in touch with you. I will play. Or i may. I probably will play your voicemail. But i take your name out to keep it private love to hear from you but for now let's call. Mike conceal yes to say. Hey mike it's bowl kaufman. How you doing today. Hey do well how about yourself. Excellent excellent so you heard essentially that question from that gentleman in england. Who's thinking of moving to winnipeg correct and so in answered his question. The first question is how much down payment do you have. He's asking determine what type of credit information. We need for example. If you have a twenty five percent down payment and you've been in canada for three years or less it doesn't matter what your income or immigration status we can get you a mortgage at a positive rate. That kind of threw me there. It's three years or less correct. Three years left. So it's if you've been in canada for less than three years you're good to go with twenty five percent down that's correct. Yes and then you can students. You don't have to have employment. You don't even have credit. That's the requirement cool so as we go down from there so the next level down would be. Let's say a ten percent down so if you have a ten percent down payment you'll have been at your job and in canada or three months and you need to show letter your bank saying that you have a history of making pates. The next step down there will be five percent down payments if you have a five percent down payment cata typically for twelve months so for one year and have a letter from your landlord. Show you pay your rent on time. So those are the sort of the with the descending amounts of down payment. What's required to get a mortgage cara okay. What about a job at five percent down you here for a year. You still have to do a qualifying employment right correct. Yes you you still have to have a job off of probation. Most lenders have a one two three month. Probationary period's okay. So let's go back. That i one really. If you're in the country even a student a refugee anybody was in the country for less than three years can buy a house. And i understand that you just recently did a mortgage for somebody told me about that cracked and so we helped a couple where there was two brothers encounter for ten years and they just brought their parents over from asia and their parents want to buy a house will they brought over money with them so the parents did not have a job did not have any income in canada but because they just came here and they had a twenty five percent down payment they're able to buy a nice house coaster kids. Well okay that's that's awesome. That's good and the rate of those people was. They got a two point. One four percent on a five year fixed.