What additional considerations should newcomers to Canada keep in mind when applying for a mortgage?

Beyond the basic eligibility requirements and documentation, newcomers should consider other factors that may impact their mortgage application and homeownership journey in Canada. These include:

• Currency exchange and income stability: Ensure your income is stable and sufficient to cover mortgage payments, taking into account any currency exchange rates if you receive income from abroad.
• Understanding Canadian mortgage terms: Familiarise yourself with terms such as amortisation periods, fixed versus variable interest rates, and mortgage insurance requirements.
• Costs of homeownership: Aside from the mortgage payments, consider additional costs such as property taxes, home insurance, maintenance, and utilities.
• Building a credit history: Start building a Canadian credit history by responsibly using credit cards or other financial products available to newcomers.
• Future plans: Consider your long-term plans in Canada, such as potential job changes or family growth, and how they may impact your housing needs.