u/Jellie_Dough

I am doing my research with my wife, and we have a sit-down scheduled with a mortgage specialist about this, but I thought I’d ask on here too just on the off-chance someone else has gone through something similar or knows a little more about the process.

I am here in Canada on a closed work permit (in the process of extending it and I intend on staying in the country as my wife (Canadian) and new baby (also Canadian) are here and I have planted roots. Part of what we want to do is start the process of leaving the rental market and owing a home. Does anyone know what a newcomer must do to be eligible to get a reasonable mortgage? As for down payment, does it look better if we (newcomers) put down more than the bare minimum 5%? Has anyone had any experience with a rent-to-own situation, instagram ads keep suggesting that I look into that too. Has anyone run into any issues during the home buying process? What should I look for and watch out for?

For context, I’ve been here for almost four years, maintained the same, great job with good standing, decent credit, no major debts, my wife isn’t working right now as we just had a baby and her credit isn’t the best (would have a guarantor be of benefit?), but she has plans to return to work and strengthen her credit

Overall, I just want to be aware of anything grey areas or red flags during the process that could potentially throw a wrench in us being able to own a home.

Thanks so much for any insight!
🙏🏻

I have been doing my research offline with my wife, and we have a sit-down scheduled with a mortgage specialist about this, but I thought I’d ask on here too just on the off-chance someone else has gone through something similar or knows a little more about the process.

I am here in Canada on a closed work permit (in the process of extending it and I intend on staying in the country as my wife (Canadian) and new baby (also Canadian) are here and I have planted roots. Part of what we want to do is start the process of leaving the rental market and owing a home. Does anyone know what a newcomer must do to be eligible to get a reasonable mortgage? As for down payment, does it look better if we (newcomers) put down more than the bare minimum 5%? Has anyone had any experience with a rent-to-own situation, instagram ads keep suggesting that I look into that too. Has anyone run into any issues during the home buying process? What should I look for and watch out for?

For context, I’ve been here for almost four years, maintained the same great job with good standing, decent credit, no major debts, my wife isn’t working right now as we just had a baby and her credit isn’t the best (would have a guarantor be of benefit?), but she has plans to return to work and strengthen her credit

Overall, I just want to be aware of anything grey areas or red flags during the process that could potentially throw a wrench in us being able to own a home.

Thanks so much for any insight!
🙏🏻