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establishing themselves says Burleton. That means less time for saving under those circumstances price really matters. Getting past the hurdles Even with a relatively low price most buyers need a mortgage according to Statistics Canada nearly 60 of Canadian homeowners had a mortgage in 2011 and it can be tough for newcomers to qualify. Why A very big issue for people who are new to the country is credit history says Dr. Sherry Cooper Chief Economist at Dominion Lending Centres. People new to Canada are not going to have the kind of credit scores that established Canadians have and the banks rely on those quite significantly to qualify. Theres a second problem If youre new to Canada youre not going to have employment history thats local either. So unless you have cash for a substantial down payment thats going to be a roadblock. It doesnt have to be a deal-breaker though because thats what mortgage brokers do they find alternative sources of money says Cooper. And if an applicant qualifies for mortgage insurance such as Genworth Canada that makes it easier to get a loan. Your broker can help with this. Thats why its especially important for newcomers to work with professionals when they explore homeownership. Get a team of experts says Cooper. That means certainly a real estate agent but also a qualified mortgage broker accountant and a financial planner homeownership is not a do-it-yourself project. It doesnt have to be hard to assemble your team either. The biggest thing for home buyers new to Canada is learning the various pieces of the puzzle involved in a home purchase here says Mercer. Its important to talk to a REALTOR who can provide information about your chosen home type and area and give you access to a network of other professionals a broker lawyer financial planner and others because most real estate agents are going to have that professional network. Ultimately though homeownership is a personal decision. You need to buy when the time is right for you says TDs Burleton. Weve been talking about a market correction for a long time and while I dont see that happening anytime soon prospective homeowners need to be secure in their jobs and mindful of interest rates. Rates arent likely to go up drastically but everyone needs to know rates are not going to stay at these levels forever. So factor in higher interest rates in your budgeting and consider mitigating that risk with five- or even 10-year-term mortgages. GENWORTH CANADA FALL 2O15 13