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Newcomers’ top five concerns when buying a home

Becoming a homeowner can be very exciting but, at the same time, it can also feel a little intimidating.

“A home can be one of the most personally and financially rewarding investments you’ll ever make,” says Paul Sy, Director of Multicultural Markets at RBC. “If it’s your first time buying a home and you are new to the country, the process may seem a little overwhelming.”

According to RBC research, the top five concerns newcomers have are:

1. Getting approved for a mortgage: 31 per cent.

2. Making the down payment on their home: 18 per cent.

3. Making regular monthly mortgage payments: 16 per cent.

4. House prices rising in the next two years: 14 per cent.

5. Mortgage rates going up: 14 per cent

Asking the right questions is important:

• How much can I actually afford?

• What are the best mortgage options for me and my financial situation?

• How much do I have for a down payment and how much will I need?

• What are closing costs and how much do I need to set aside?

“If you answer these tough questions in advance you can avoid last minute surprises,” Sy explains.

More tips on buying a first home are available online at www.rbc.com/homeincanada.

Posted: Sep 4, 2012

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