Ten Taboos of Housing Loan for Canadian Immigrants

First of all. Immigrants should not choose the wrong Canadian housing loan. There are many types of Canadian housing loans to choose from. After the comparison, make a plan to deal with the worst case. Be sure to know the initial interest rate of the mortgage, the mortgage interest rate, the down payment amount, and the liquidated damages to be paid if the loan is postponed. Second. Don't confuse the concepts of pre-approval and pre-qualification. In the real estate industry, there has been a great controversy between the two. In fact, there is no explanation for these two rankings in the real estate dictionary, and it is impossible to define their meanings. There is a saying that prequalification means that the lending institution can guess how many loans can be provided to you based on some information. If you get the pre-approval card, it means that the Canadian housing loan agency has verified the information you submitted and given you a certain current interest rate under certain conditions. And many lending institutions also interpret this meaning. Therefore, if you negotiate with Canadian housing loan institutions, you must ask them in advance how to define the terms of pre-approval and pre-qualification, and what other requirements are needed to obtain loans. Third. Do not apply for too many credit card accounts. Too many credit cards mean that your credit history is poor, even if you always pay your debts on time. So handling too many credit cards is equivalent to refusing loans. Fourth. Don't lie when you apply for a home loan in Canada. When applying for a house loan in Canada, the salary was too exaggerated. After being discovered, the lending institution will not sue you for it, but will recover the loan. Don't sign the Canadian housing loan application form before it is filled out, because the Canadian housing loan institutions always exaggerate it, so that customers can't afford the mortgage amount after signing it. Fifth. When you can't afford the Canadian housing loan, don't hide everywhere. In this case, many people refuse to answer the phone and refuse the dunning letter. In fact, Canadian housing loan agencies have many ways to deal with this situation, such as repossession of collateral or houses. But they don't usually do this. On the contrary, they will talk to the lender about their difficulties unless you hide it and leave the lender no choice. Sixth. Don't skip the inspection step to save money. Home inspector will help you check the house carefully from beginning to end, and tell you whether there is water leakage in the roof and basement, whether the mechanical equipment in the room can be used, and how long the service life is. They must test better than you. So don't save 300 ~ 400 yuan for penny wise and pound foolish. Seventh. Don't just look for a real estate agent to sell a house. Every real estate agent is different. Ask them how they want to sell your house in the market, what changes you should make to make it more attractive, and how much. If they are not satisfied with their answers, find another real estate agent. Eighth. Don't just find a house decorator. A good decorator won't go door-to-door looking for your decoration, nor will he bargain on the cost. You can consult the old customers of the decoration company, his suppliers, better local trade bureaus and consumer affairs agencies. Ninth. Don't pay for the first decoration. If the decorator asks you to pay a third of the down payment, there must be fraud. In the worst case, you abscond without paying the decoration fee. In a better situation, there is not enough money to buy raw materials or pay workers' wages. Don't pay cash under any circumstances. Tenth. When you pay off all the Canadian housing loans, don't burn the mortgage contract. It's really cool to burn the contract when you pay off the Canadian housing loan. After all, everything is yours now. Don't do this, find a safe and reliable place to store all relevant documents.