Being a first-time home buyer can be both exciting and overwhelming. When you add being a newcomer to Canada, who is perhaps unfamiliar with the market and mortgage options, it can feel like a huge challenge. Here is a step-by-step guide for newcomers when purchasing your first home in Canada.


Are you a newcomer in Canada who is looking to buy a home? The first step in going this is to get approved for a mortgage, and in order to do this, you will need to establish a credit history.

This requires a few components, such as:

  • Opening a bank account
  • Keeping your paperwork including utility bills, bank statements and records of pay
  • Applying for a Canadian credit card

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At AIME, we know that buying your first family home is an exciting and significant event. That’s why we offer affordable, transparent, and flexible mortgage protection products, disability coverage, and critical illness insurance, to protect your home and secure your family’s financial future.

Want to know more?

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7 Tips for Newcomers Buying Their First Home

1. Decide Where You Want to Live

Canada is a large country and each region has its own unique appeal. Once you have chosen where you want to live, you can begin to fine-tune your focus to the communities in that area. Pay attention to proximity to schools, hospitals, transportation, stores and other amenities that are important to you.

2. Know What Type of Housing You Want

If you are a first-time homebuyer, you may not be aware of the wide variety of housing available for purchase in Canada. Determine whether you want to buy a condo, a single-detached home, semi-detached, townhouse or duplex. The availability and cost of each of these options will vary depending on the location. Spend some time looking at what is available in your chosen location and determine what type of housing is the right fit for you and your family.

3. Figure Out What You Can Afford

You will need to save a down payment for your house before going to the bank to get a loan for the remainder of the mortgage amount. The lender will look at the amount you have for a down payment and your monthly income and expenses to determine how much you can afford to pay for your mortgage monthly.

When you are budgeting for a mortgage, remember to also include costs for:

  • Mortgage life insurance
  • Property taxes
  • Utilities
  • Any repairs or general upkeep costs

4. Learn About Mortgage Options

Each lending institution will have various mortgage options available, including terms and interest rates. Some will have money saving options as well.

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5. Understand Various Lender Options

All major banks in Canada offer mortgage options and many of them offer mortgage lending programs for newcomers. There are other options for mortgage lending including mortgage brokers. It is often best to shop around to find the options and lenders that best meet your needs.

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6. Get Pre-approved for a Mortgage

Once you’ve decided where you want to live and how much you can afford, it’s a good idea to apply for mortgage preapproval. This will speed up the process for the purchase of a home once you’ve found a place you like.

7. Choose a Real Estate Agent

It’s important to find someone who is familiar with the real estate market in your chosen area. A real estate agent is knowledgeable about the houses that are on the market currently, and they are specialists in the sale and purchase of homes. They can do a lot of the work for you and reduce your search to houses that are in your price range, location and with the features, you are looking for.

 

Call Today

To find out more about our Mortgage Life Insurance and how it can help provide not only security but freedom and choice, contact us at 1-844-974-2020 or fill in our online contact form.

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