Merry

Hi - this might seem quite a basic question but I've read what I can find on the Wiki but it just doesn't seem to have what I'm looking for i.e. actual experiences of other people.

We have our PR and hope to land later this year. We have opened a RBC account but have not activated it yet. My question is this - how do we go about getting a mortgaged pre-approved? Are banks or brokers best? Can we enquire before we go over -planning to go in Nov to have a look for a property.

Also when looking to buy a house, how do we know what a good agent 'looks like'?

Any help would at least point us in the right direction - not necessarily looking for people to suggest names, just what to look out for/avoid, etc. If it helps, we are going to Halifax, NS.

Thanks!

iaink

Talk to both banks and brokers...which is best depends on your personal circumstances.

Many lenders will do preapproval on line now I think anyway. In any case it doesnt take long, although its unclear if you are coming to a job, or will be looking...which may limit your choices unless you are bringing a lot of capital with you.

As far as realtors go, how would you chose an agent in the UK. Word of mouth recommendation is the best method. Failing that talk to a few and go with your gut feeling. Get references from them and talk to the people about how the agent was.

Unless you are buying into a hot market you can just trawl through the MLS listings anyway once you have a feel for the area you are interested in.

Personally I think renting at first is a good idea as you have no ties if you decide either Canada, or a particular bit of it is not for you. Fees for SELLING a house here are no laughing matter, so better to be sure when you commit to buying.

Merry

Thanks, that's brilliant advice - I'd heard though that to rent a property it had to be for a minimum of one year though, is that right?

PrairieSushi

We rented by the month when we first landed.

Just bear in mind the cost of selling if buy in the "wrong place" - you're talking $20K to $30K for a typical home in Calgary.

Don't buy unless you're sure you want to stick around

val50

We got our mortgage through RBC in Bedford, NS. Alan Hicks is the mortgage advisor there. He helped us quite a bit. It might be worth though speaking to a mortgage specialist - if you look through the Yellow Pages you will find lots to choose from

http://www.yellowpages.ca/search/si/...ax+Nova-Scotia

Presidents Choice is also worth considering for a mortgage, their rates start at around 2.25% at the moment

http://www.banking.pcfinancial.ca/a/...mortgages.page

As for realtors, there are a couple of BE members in NS who have had bad experiences and I'm sure they will pm you to tell you who not to use. On the other hand, I know others have had excellent service and I'm sure will be along to give their recommendations. Just remember though, if you are planning on looking for a property in November, there will not be much on the market. Most houses here are for sale from April to August. In November it will usually only be those that are overpriced or have something wrong with them that will be for sale, unless you are looking further out where some of the houses have been on the market for years.

Alan2005

That would still mean they are overpriced or there is something wrong with them (which is just another way of saying it's overpriced) wouldn't it?

PrairieSushi

Well duh ....

PrairieSushi

It's the same in Calgary - guess it's the same in the rest of Canada

Alan2005

I was responding to the unless ... but yes, your commentary is fair.

PrairieSushi

That just proves there's a first for everything