May 5, 2022
Source: canadianrealestatemagazine.ca
Source: canadianrealestatemagazine.ca

Have you ever thought about moving to another country? In case you have, you surely have specific countries in mind. And you’re not the only one.

Some of the most popular countries for moving abroad are countries such as Germany, Spain, Japan or of course the US. When it comes to the criteria for moving, people usually include factors such as job opportunities, amenities and life standard along with the factors such as the weather, nature, food and culture.

Simply put, people move because they want to have a better quality of life and if that means that they need to choose to go overseas, it’s exactly what they will do.

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One of the factors that are also extremely important to mention is safety. If a country is safe, it means that people can raise their children in a great environment, without having to worry about crime rates and other problems that may occur.

Source: tridacmortgages.com
Source: tridacmortgages.com

However, although having an American dream is extremely popular, the statistics show something unexpected for many people.

In almost all surveys and thanks to a lot of research on where people dream of moving (because of a plethora of factors that may affect their life in a positive way), the number one country where people want to move is most certainly – Canada.

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What is so special about Canada and why do so many people wanna change their entire life just to live in this country? Let’s dive into it.

Generally speaking, it covers almost all the aspects that people find essential for their life, such as job opportunities, a clean and beautiful environment and nature along with a high level of safety. The biggest difference between Canada and the US is (whether we want to admit it or not), Canada’s healthcare system! It is much more convenient and covers more health problems, making people feel more safe and protected, health-wise. You won’t have to worry about getting gigantic medical bills in case something goes wrong with your health.

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Source: richardsmortgagegroup.ca
Source: richardsmortgagegroup.ca

But moving to a different country was never an easy thing to do. It is a process that consists of so much adjustment, in a completely new environment, that many people who dream of doing this never actually get enough courage to make it happen. When it comes to Canada, the good news is this country is very friendly both to locals and foreigners.

Being accepted in society is of extreme importance for foreigners. If you get a great job opportunity but you’re not happy, and if you’re unable to socialise and communicate with people around you the way you would like to do it, a great salary won’t be enough. This is also one of the reasons why people choose Canada instead of other countries.

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It doesn’t come as a surprise that one of the most googled questions is: “Is moving to Canada worth it?”

As you may already know, the answer is most certainly yes! A country with a lot of space, happy people, great healthcare and beautiful nature is definitely good enough to start thinking about it today.

But if you are a US citizen, you probably have some concerns or questions about moving to Canada.

Source: economictimes.indiatimes.com
Source: economictimes.indiatimes.com

One of the biggest questions in this matter is how to buy a house or how to get a mortgage, if you’re not a citizen of Canada but rather an immigrant.

The first thing you need to know is that you can have a United States mortgage on your house in Canada if you already have a property in your homeland.

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Luckily for you, there are always options to speak with professionals such as mortgage lenders and get more info about buying a house in Canada.

Shortly put, this is a lengthy and somewhat complicated process, but it is possible and it is worth it!

The first thing you need to do is define your status of residency according to Canadian rules and regulations. As someone who lives in another country, you will be in the category of non-residents. A very useful information for you is the fact that you need to stay in Canada for at least 183 days per tax year. You have to do this if you want to be granted residency, however, make sure not to stay more than that because you will then pay double taxes.

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Source: money.co.uk
Source: money.co.uk

According to myperch.io, when it comes to the necessities and requirements for buying a home, the number one necessity is having enough funds to do that. However, another very important thing to know is that you need to use a Canadian bank, so forget about your homeland banks for registering your mortgage.

When you find a Canadian bank of your choice, you need to create a bank account in your name. Ideally, that would be a bank that specializes in cross-border mortgages. Just like you’re building your credit score in the US, something similar needs to be done in Canada as well. This is why it would be a good idea for you to first slowly build your credit score before you apply for a mortgage.

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In this process things like your credit history, the amount of profit you make for a year and all the documents you would normally need in the US will be something that Canadian authorities also require from you.

You’ll need to go through the screening process and after that your chosen mortgage lender will make the final decision whether to allow you to get a mortgage or not.

A friendly tip and at the same time – one of the best things you could do is to have your credit history tidy, because that may come with multiple benefits such as discounts etc.

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Source: nerdwallet.jpg
Source: nerdwallet.jpg

When it comes to the interest rates you can expect when getting a mortgage, the situation is far better and more convenient for US citizens who are trying to get a mortgage in Canada, than the other way around. It’s because if you get approved and if your credit history is good enough, your interest rates will drop and not increase over time, which is the case with the US.

The next thing you need to do is to find a property of your choice, get home insurance and set your down payment in a Canadian bank because that is a strong factor that lenders take into consideration.

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Finally, pour a glass of wine, sit down and relax in your new home!

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