Home Ownership: A Reality for New Polish Canadian Immigrants


Each year approximately 350,000 new immigrants come to Canada in search of a better life. With a variety of different nationalities settling in Canada, they all have one thing in common: they are highly motivated, hard-working and eager to settle their roots with home ownership. Having their own home will be the smartest and most expensive decision they will undertake. Knowing that they have various options to make the process easier is reassuring.

Polish Canadian immigrants are among some of the more highly skilled workers coming. Having back grounds in computers, construction, combined with high educational standards, they normally start off on the right foot. We have a tendency to be family oriented and forward thinking. That is why some neighborhoods in Toronto and Mississauga have large Polish populations. Now, more than ever, these new citizens are buying homes and securing their financial future. You can too!

Why are all of these new immigrants rushing to buy homes? Very simple: it is easier to build wealth and equity by paying your mortgage, then wasting money paying someone else’s mortgage. How much exactly can you save? On a $325,000 home with a 3% value increase (4.5% is average) and a payment of $1,474 per month you will save over $200,000 in 10 years. Also, your land lord can ask you to move any time, and you can’t refuse. With home ownership you are king of the castle. No one can take your home away unless you don’t pay your bills.

Since majority of new Canadians settle in Ontario, major banks and financial institutions have created ways for them to purchase real estate. Depending on the scenario, home ownership is as easy as having 5% down payment. In some areas that is $7,000. Steady employment in some cases is not even required. As long as you have been paying your bills steadily, you can establish credit. These firms know the challenges all new immigrants face and want to help. They consider more than just your credit score or your employment. Getting educated on what your options is highly encouraged.

Below are two companies and what they consider and offer for new immigrants thru mortgage agents:

National Bank:

– Any landed immigrant in Canada less than 24 months.

– 65% – 95% Loan of home value for anywhere from 1-10 years. Insured thru Genworth Financial.

– fixed and variable rates available and at 44% Total Debt Service Ratio ( amount you owe monthly compared to what you earn).

– 620 Beacon, but other documents can be used to establish credit.

– Primary residence with up to 3 rental units. Fourplex.

– 30 year amortization

Desjardins Credit Union

– Any landed immigrant in Canada less than 24 months.

– 50% – 95% Loan of home value for anywhere from  10 years. Insured

– Fixed and variable rates available.

– Appraisal required on all properties with a max loan amount of $500,000.

– No beacon score, can use foreign credit bureau or 12 months rent history and 12 months of telephone and cable bills.

– Maximum owner occupied Duplex. Minimum 750 square feet.

– Depending on loan to value no employment required.

– 30 year amortization

 

These are just two of the companies that offer services specifically aimed at new immigrants. With a variety of options to consider, speak with a professional who can advise you. Having a skilled advisor can make any process smooth and stress free. Especially in buying a home, some decisions can save you thousands of dollars. Remember, take advantage to ask questions and educate yourself. Knowledge is power, the more you know the easier life will be.

If you have any questions or would like to learn more, please feel free to contact me at wpianka@mortgagealliance.com

 

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About wojciechpianka

After a few years of studying English and History at the University of Toronto, I decided to transfer to Ryerson University and pursue a Bachelor of Commerce degree. While studying, I worked various jobs where I acquired many skills. Starting as a teller at Scotiabank, I moved on to being a manager of a restaurant, admin staff at a medical clinic, a sales agent for INGDirect and a manager at One King West Hotel. While all these jobs challenged me, I never felt my potential being utilized. Finally in 2008, I completed the Ontario Mortgage Agent Course and signed up with The Mortgage Alliance Company of Canada. This was a great decision, as it allowed me to use the skills I learned working to help people achieve their real estate and financial goals. My passion for real estate and numbers has lead me to becoming a mortgage agent. Growing up in New York City, I always had a fascination of historic buildings and skyscrapers. At 21, I bought my 1st property and have been investing in real estate ever since. I firmly believe thru steady, safe and conservative investing a one can obtain long term financial wealth. One day, I hope to develop the same buildings I help clients purchase.
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