Making Canadian homeownership a reality
Credit to Author: Staff Writer| Date: Wed, 05 Apr 2023 15:17:08 +0000
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Recent RBC research shows there is significant interest in buying a property at the early stages of arrival to Canada. But for many newcomers, the path to home ownership may seem impossible. Manish Garg, Mobile Mortgage Specialist at RBC’s Meeting Place in Brampton, Ontario, wants to debunk some common homeownership myths and provide advice on how to buy a home sooner.
Myth #1: Canadian banks don’t have a mortgage program for me
Reality: Within the first year, RBC research shows that almost one in five newcomers to Canada own a home. But many others may not be aware of the mortgage options available to them, even while they’re establishing their life and job here in Canada.
For example, we recently had a newcomer couple come into the branch who were medical doctors in India. They didn’t realize that one of our mortgage programs for newcomers considers their profession and the income potential they have in Canada.
At RBC, we work with our newcomer clients to provide flexible solutions that work for them. With so many different mortgage programs and eligibility requirements, it’s important to speak with a mortgage specialist to see what options may be available to you.
Myth #2: I won’t qualify because I don’t have Canadian credit history
Reality: You can start establishing a credit history as soon as you arrive in Canada. Opening a bank account and using it regularly, paying your bills on time and having a credit card are all ways to show that you will be able to repay a mortgage. If you’re renting, it’s also important to ensure you have a signed lease and that you are making regular monthly payments to your landlord.
Some newcomers can also qualify for an RBC mortgage if they meet other eligibility requirements, even with little to no Canadian credit history. A mortgage specialist can help you learn more about Canada’s home-buying and mortgage process.
Myth #3: I can’t qualify for a mortgage because I have less than 2 years of Canadian employment
Reality: RBC offers special programs for newcomers who are new to Canada and do not meet the traditional two-year employment tenure. Speak with a mortgage specialist about tailored solutions that take into consideration your unique situation and help you reach your home ownership goals sooner. For example, we understand that your career may be in transition and there are different down payment options based on your employment history in this country.
Myth #4: I should only speak with a mortgage specialist once I’m ready to put an offer in on a home
Reality: Speaking with a mortgage specialist should be one of the first steps on your path to buying a home, even before connecting with a real estate agent. Not only will it help you understand all the mortgage options available, it allows you to get pre-approved so you know how much home you can afford.
At RBC, when newcomer clients set up a bank account with us, we proactively connect them with a mortgage specialist. Whether they’re looking to buy now or in five years, we find this is the best way to ensure they have the right tools and information they need to be confident they are taking the right steps that will allow them to buy a home when it’s right for them.
For more essential mortgage information for newcomers, please visit rbcroyalbank.com. You can also check out the RBC Mortgage Specialist Locator to find a mortgage specialist near you by language spoken.
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