Festival condos floor plan. How to get a loan to buy a house in Canada? Buying a home for the first time in Canada may be a challenge for you, and it may even be confusing for new immigrants who are not clear about the process of home loans in Canada.Please Visit: Festival condos floor plan to Get Your VVIP Registration Today!
Many new immigrants do not yet know the details, and some preconceived ideas, such as the need for a credit record to obtain a home loan, are not necessarily accurate.
1. Building materials: generally refers to the housing MLS listing& purchase contract. If you are buying a new house, you need to sign a thick contract with builder.
two。. Work and other personal materials:
(1) work letter, company title paper, indicating the company name, address, telephone, fax, indicating the full name of the applicant, whether full time, the time of commencement of work in the company, position, salary.
(2) Pay stub, the payroll given by the company. Some banks will also ask for past T4 or tax NOA from the tax bureau.
(3) personal materials such as PHOTO ID,VOID CHEQUE and some personal information.
3. Material: the bank requires to see that the closing fee of 1.5% of your + loan has been available in the bank before lending.
Loans can be made. Canadian residents can easily borrow 70% of the house price, while non-Canadian residents can borrow 60% of the house price. 65%. The loan can be amortized over 20-25 years, and the current interest rate is much lower than in China. The loan has nothing to do with the age of the house and has little to do with the age of the buyer, which reflects the confidence of the Bank of Canada in house prices in some ways.
There is no real difference between the local people and the local people, and the procedure is similar. To say the difference, that is, foreigners do not enjoy the “self-housing” value-added tax exemption enjoyed by local residents, and all houses invested by foreigners must pay VAT when they sell and realize their profits. When foreigners apply for housing mortgage loans, banks and financial institutions examine nothing more than the basic situation of the applicant, income, credit, down payment, and the location of the house. However, based on the special situation of foreigners, Juwai thinks that it is necessary to explain the following points.
First, when foreigners apply for Canadian housing mortgage loans, they need to open a full-function account with the Bank of Canada in order to make monthly payments.
Second, foreign residents can apply for loans in Canada without credit history.
The documents that need to be prepared for the purchase of a home loan are divided into three parts: housing materials, work and other personal materials, as well as down payment materials.
Housing materials mainly refer to the contract for the purchase of a house. If you buy a new house, you need to sign a thick contract with the developer.
Work materials are the most detailed part of the bank review. If you are a full-time employee of a company, you generally must have:
Work letter, company title paper, indicate the company name, address, telephone, fax, state the full name of the applicant, whether full-time, the time of starting work in the company, position, salary.
Salary stub, payroll given by the company.
Some banks will also ask for past T4 or tax assessment notices from the tax bureau.
In addition to work materials, you also need some personal materials such as photos and some personal information.