# 58 CANADA | Loan for housing for new arrivals.
What kind of housing loan for immigrants can I get in Canada? The real history of the Ukrainian family in figures (percent, ustoviya, etc.).
Hello. Today I wanted to record a video that I promise you for a long time, this is a video about loans for real estate, for housing, only not ordinary loans that everyone knows about when the minimum contribution is 5%, namely for new arrivals who just arrived. In general, this is possible. What interest, what conditions. To begin with, in several banks, such as the RBC, Koshio, there is such a program for new arrivals, when you can take out a loan for housing without work. You do not need to show that you have a job, they will give you a loan. But you must pay a 35% down payment for housing. That is, from the amount of housing you must pay 35% immediately. We did not count at once, at 35%, I read about loans 20% and I hoped that we would be able to take such a loan. They learned all the conditions that the bank offers to take this loan.
Basically, we consulted with a broker, mortgage brokers, it’s a person who deals in loans. She told us that in banks that have this program, although on the piece of paper that they gave us, when we opened an account with the RBC, there is nothing about 35%. It says about 5% and the loan for 30 years. In fact, it really does not work. The system works when you pay 35%, mainly for banks for a year you have to leave payments on loans plus municipal shares. About the shares, I’ll take off a separate video, what it is and how much you pay, having your own home. On account of loans, you should contact the mortgage-brokers. Everyone says that you need to pay 35% and plus leave for the year payments, depending on the housing it will change. This is a very decent amount is obtained.
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In our case, everything turned out a little differently, because Dima worked while still in Ukraine on a Canadian company. The employer wrote a letter to the bank that Dima has been working with him for many years and in Canada he continues to work. I wrote what salary Dima had, all these documents we provided to the bank, and we are given a loan with a down payment of 35%, although we were offered to contribute 20%. But we did not want to change all these documents, we had enough to pay 35%, and less to pay, that is, it will be more profitable for us. We were allowed to take out a loan, and we do not need to leave any money on the account, as they know that we have a permanent job.
And now at interest rates. In our case, everything is calculated for an apartment for 183,000 dollars, that is, since we contribute 64,050, there are 118,950 remains – this is the amount that we take on credit. The loan is issued for 30 years and there is another nuance: you can fix the rate – the credit for 4 years, for 7 years, for 5 years. And the raid depends on it, the percentage that you pay on the loan depends. The longer you fix the interest rate, the higher will be the percentage of the loan – raid. If we fix the rate on our sum of 118,950 for 4 years, then the loan can be taken at 2.59%. That is, in a month you will pay only for a loan of 501 dollars 13 cents. If fixed for 5 years, it will be 2.79%, and in the month will come out 513.78. But we still bargained a little, banks also need to bargain when you take out a loan, and they kicked us off and gave us a loan at 2.69%. We fixed this interest rate for 5 years.
Farther. What are the conditions for early repayment? You can take a loan like ours, I tell you about our situation, I do not know all types of loans 5, 20%. I’m talking specifically about our situation, credit for newcomers. You can pay a double payment twice a month, that is, a double payment, only to warn the bank in advance and you can deposit the amount at the end of the year, but which does not exceed 10% of the amount you took on credit, you can do both. If you have money, you can quietly close this loan ahead of time, if not – pay 30 years, as it should be your loan. Also, when you take out a loan, you are insured. They insure life, this is included in the cost of this loan, in these payments that we will pay. This is for if something happens to you, then the insurance will pay your credit. These are our business with these loans.
It is necessary to choose a bank well. We chose RBC because we already had an account opened there, a personal account and a company account, they already knew us as customers. Having their account, find out what they will offer us, in depends on the brunch, from the branch, where you will get to. This department tormented us for a long time, they could not figure it out themselves, they did not know themselves what kind of credit, they began to check us and submit all the documents as for a normal loan, they demanded some more documents from the employer, confirmation that we are being transferred money. Then we sent this document, which we had about the loan for the newcomers, they said: “Ah, yes, this you can take”, if briefly about our correspondence. We borrowed all these cases with banks almost 2 weeks, quite a long time. Then we came, we were told, I consulted with the mortgage broker, she said that this is a normal rate, a normal interest. Although we do not need to leave the amount on the account, which we almost do not have, we decided not to go to other banks, agree to this loan and take an apartment, because we have not enough time.
We agreed about the fact that we will move on June 1, and now we have to run for 2 weeks in each bank, we simply do not have time. Therefore have already issued the documents and are waiting for the meeting with the notary. About the common systems of buying a house, I’ll remove somehow video. Now a lot of everything, I do not have time. Every day after school I run home, because Dima is there with children, so there is very little time for shooting. Do not be offended, you write to me, I do not answer, sorry, I do not go to the computer at all for a week, just check the mail and that’s it. I will answer all, thanks for writing, I am very pleased that you are worried where I have disappeared. I also want to say, do not write to me in contact, my account is blocked there. He was connected with the Ukrainian number, I can not unlock it now. I am on Facebook if there are any questions, because I see from you very many messages in contact, and I can not answer you.
If there are any questions, write better in facebook or in comments on youtube, then it will be easier for me to answer you. And that’s it, if there are questions on loans, if I can answer them – write, I’ll try to explain what I know. Thank you all, for now.
You can emigrate to Canada in a variety of ways, for example:
& mdash; Use the program for skilled workers. To do this, you must meet several requirements: it is good to know English or French, to have higher education, work experience in your specialty, etc.
& mdash; Move through the provincial program, for example, Alberta, British Columbia, Manitoba or Quebec.
& mdash; Enroll in a Canadian college or language course. You will master a new profession, get local experience and this will help in the future to obtain a Canadian passport.
& mdash; If you do not know how to file documents and want to be sure of the result, contact immigration lawyers. They will help you to immigrate to Canada quickly and in the most beneficial way for you.
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# 58 CANADA | Loan for housing for new arrivals.