November 13th, 2013 by Lisa J. Gryba, AMP
The top 5 homeownership concerns of new Canadians – and the right questions to ask
Becoming a homeowner can be very exciting, while at the same time can feel a tad intimidating. Some of the most common questions asked by those who are looking to purchase a home, but are new to Canada, are:
- Do I qualify for a mortgage?
- What’s a pre-approval?
- How does buying a home in Canada differ from my home country?
Purchasing a home can be one of the most personally and financially rewarding investments you’ll ever make. But it’s also refreshing to know you aren’t alone. Canadian property virgins all have concerns…and rightfully so.
With this in mind, here are some interesting statistics when it comes to individual concerns of home ownership in your new country…
The top 5 homeownership concerns of new Canadians
- Getting approved for a mortgage – 31 percent
- Making the down payment on their home – 18 percent
- Making the regular monthly mortgage payments – 16 percent
- House prices rising in the next two years -14 percent
- Mortgage rates going up – 14 percent
There are a lot of uncertainties that come with buying a home. Knowing the right questions to ask can help ease the unknown.
The top 4 questions to ask your mortgage broker
- How much can I actually afford?
- What are the best mortgage options for my financial situation?
- How much do I need for a down payment and what are my options if I don’t have enough?
- What are closing costs and how much do I need to set aside?
If you answer these tough questions in advance, you can avoid last minute surprises when it comes time to purchasing your first home on Canadian soil.
Source: News Canada