Buying a House on Mortgage in Ontario new Immigrant

[Managerchap]

Hello All,
I have been nominated by Ontario and i intend to land in Toronto. My fiancee and I intends to buy a house on mortgage upon landing.
Is this possible? what do i have to do to achieve this.

Please advice thanks

 

[foodie69]

Hello All,
I have been nominated by Ontario and i intend to land in Toronto. My fiancee and I intends to buy a house on mortgage upon landing.
Is this possible? what do i have to do to achieve this.

Please advice thanks

Go to a bank or any lending institution..they will help you.

 

[ssoy]

There is a new immigrant mortgage scheme at most big banks but they require at least 35% downpayment. If you can come up with that, I think most new immigrants that are potentially employable are good to go.

 

[NetMecca]

Congratulations. That is an achievement worthy of note.

Large deposit (typically 35% as stated before) is the norm. Also talk to some mortgage brokers (not just banks). They are generally able to swing slightly more favourable terms than the banks (depending on the type of mortgage you are looking for). There are many wonderful options.

If you do not have a large deposit (Ontario properties are really expensive), the only other option is to start working on your credit rating as soon as possible. There are many ways to speed up this process if you know how.

Having a good job with proof of employment and evidence of a salary, will also help to speed up the process.

Good luck. It is a fun journey.

 

[Gregor.Samsa]

I would like to recommend to rent something first, settled, get a job, know the city, neighborhoods, transportation, utilities cost.... before buy something

 

[steaky]

I would like to recommend to rent something first, settled, get a job, know the city, neighborhoods, transportation, utilities cost.... before buy something

I disagree. Once bought, the property can easily turn into an income property.

 

[NetMecca]

I'm with steaky. Buy not rent, if within the realms of possibility for you at all.

I would however suggest that you do some research on areas to live. Commutes around Toronto are a real pain. So access to where you are working would be important. Also not all the areas in Toronto will offer the same access to everything, obviously. It may be worth assessing your family's needs properly and then try to tailor your choice of location around that very specifically. Social activities, access to schools, shops and what not. Do you need public transport. Worth paying attention to that because inevitable the public transport will be better in some areas than in others (and I do not mean quality, just efficiency- How fast you can get where you need to go). I have found blogs and forums about the cities I intend to move to very useful to help me make better choices.

I have moved countries more than once in my life and had several rather long distance moves in between as well. It takes about a year of actually living in any city to really become familiar with the innuendo of the city and how it will affect your family and your life. Be prepared for that. Expect that your first home in Canada may not end up being your dream home.

I was used to living on large properties with a big house and a large yard. Because my life is so different in Canada to what I was accustomed to before, my priorities changed significantly over the years and now I just want to move to an apartment asap.

Canada is a great place to live though. Easy to make a very good life for you and your family.

Good luck with your journey. It is really fun.