Random Question about Buying a house with a PR spouse

[rhcohen2014]

Hi All,

My sister in law is a real estate agent, and she mentioned to my husband (canadian sponsoring me for PR) that it is better for us to purchase a home within the first 2 years of me obtaining my PR status. Does anyone know if this is true or where more information about this can be found? We are unsure where she got this info from, so i thought id see if any experts on this forum could provide insight as to whether this is true or complete bs.

Thoughts?

Thanks!

 

[Rob_TO]

that it is better for us to purchase a home within the first 2 years of me obtaining my PR status.

This makes no sense at all. It doesn't make even a tiny bit of difference if you buy a home shortly after becoming a PR, or 20 years later. Absolutely none.

Just be aware if you apply jointly with your Canadian spouse to buy a home/get a mortgage, they will use both your credit reports for the application.

What a new PR should do as soon as possible after landing, is get a credit card in their name to start building some credit history.

 

[rhcohen2014]

This makes no sense at all. It doesn't make even a tiny bit of difference if you buy a home shortly after becoming a PR, or 20 years later. Absolutely none.

Just be aware if you apply jointly with your Canadian spouse to buy a home/get a mortgage, they will use both your credit reports for the application.

What a new PR should do as soon as possible after landing, is get a credit card in their name to start building some credit history.

haha! yes, this is what we thought, and we just wanted confirmation that there was no sense to that statement!

 

[Rob_TO]

haha! yes, this is what we thought, and we just wanted confirmation that there was no sense to that statement!

It sounds like she is just trying to push you guys into buying a home, so she can get some business!

 

[rhcohen2014]

It sounds like she is just trying to push you guys into buying a home, so she can get some business!

yep... sounds about right! our thoughts EXACTLY! no rush here... need to get PR status first!

 

[taffy7]

Makes no difference what so ever.

If you can join your husband on his credit card and also on his bank account this will help towards your credit rating . If you and your husband has never bought a house at all in Canada you can use any RSP'S that he may have with out penalties and also in some province be able to get a break on your land transfer fees , but this only applies if neither of you have ever bought a house in that province .

Get settled first then decide no rush . Mortgage rates are going to be stable for some time .In my opinion.

 

[Rob_TO]

If you can join your husband on his credit card and also on his bank account this will help towards your credit rating .

A bank account doesn't help your credit rating, since it's not a credit product. A bank account won't even show up on your credit report.

The credit card will help, but if you get one with a spouse you have to make sure it's a true "joint" credit card. A sponsor getting just a supplementary card on their account for their PR spouse... does nothing for the credit of PR since account is still solely in sponsor's name only.

A cell phone in your name is also good to build credit.

 

[rhcohen2014]

A bank account doesn't help your credit rating, since it's not a credit product. A bank account won't even show up on your credit report.

The credit card will help, but if you get one with a spouse you have to make sure it's a true "joint" credit card. A sponsor getting just a supplementary card on their account for their PR spouse... does nothing for the credit of PR since account is still solely in sponsor's name only.

A cell phone in your name is also good to build credit.

yes, we already opened a joint savings account, and the bank has offered a low balance credit card that i most likely will sign up for next time i'm there. Unfortunately, there isn't much else i can get on my own without having proper canadian id. I couldn't even get free cookies from the supermarket when they were offering membership deals (the guy literally took them back out of my cart when i showed him my us license). lol

 

[taffy7]

No it won't help your credit rating i agree , but banks also will look at the deposits, that you contribute when a joint account. It will just help to show stability once it gets going.Not all banks just go on credit ratings , especially if her husband has been with them a long time . I couldn't even go on my husbands account in the U.k because i didn't have proof of any bills going to our home . I had a sin number a British passport and a U.k driving licence. Its a lots easier here in Canada .

 

[on-hold]

I believe that Scotiabank has a program that makes mortgages available to recent PRs with about 5% down, as opposed to the more normal amount. Maybe that's what your relative was referring to?