Immigrants to have a regular job income for buying a house
by Angel - June 24, 2012
Regular job income is important for an immigrant to buy a house in Canada
Immigrants while arrive Canada have a lot of dreams associated with them. Having a better lifestyle is one of the dreams and owning a house is a major dream. Once fulfilled immigrants feel great achievement and satisfaction in them.
Eligibility for buying a house
•One must have arrived Canada within a period of last thirty six months.
•A minimum of three months’ full time employment must be ensured.
•There should be no huge debt associated with the individual.
Documents to be submitted
•Proof of income is needed.
•Valid work Visa.
•Confirmation to make the down payment.
•Agreement of sale and purchase.
• Statement for the last six months issued by a bank where the buyer holds a primary account.
Influencing Factors
Location- The place where the property is located or should be located must be decided in the first place.
Realtor or Real Estate Agent- To locate any property one can take help from a realtor or a real estate agent who has information about various projects.
Loan application- After selecting a spot one has to look for agents who would agree to lend a mortgage especially to an immigrant.
Processing of application- A filled in application has to be processed for registrations of the property. Mostly an immigrant takes help from a local citizen.
Attorney help- An attorney looks into all possible documents and checks their validity. He favors and facilitates the entire process.
Difficulties
-The standard low risk mortgage is 25% of the buying price. Even if one agrees to make a down payment of 35% he might find no bank to lend a mortgage unless there is a steady income from a job.
-Lenders want the repayment done either on a monthly basis or fortnightly basis. Regular income is the criteria for the banks to calculate the loan amount. They will never agree to lend any mortgage to an immigrant without a job.
-Bank and lenders look into the credit history of the immigrant to understand the repayment nature. This makes them gain or lose confidence in lending loan to an immigrant.
Canada is open to the idea of immigrants buying house on its land. To prevent the nation from huge debt crisis, certain rules and norms have been implemented. Compliance with these rules would enable an immigrant to own a house in Canada.
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