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New to Canada? What You Should Know About Loans and Borrowing

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People do not know about the things that they do not know. Their knowledge has already fallen short due to the limitless lack of knowledge.

 

A new settler in Canada is still having a problem in settling in. He is not paying attention to the financial system in Canada until she or he is denied with a cell phone contract because he lacks enough insights about the credit history of Canada.

 

According to a recent survey presented by TD Canada Trust, it was reported that the problem of Canadian settlers is during their first three months of stay in Canada.

 

Almost half of the population of new immigrants has no idea on how to start opening their bank accounts. They do not also know something about the credit card application. Almost nine out of ten populations has no knowledge about getting a mortgage. They are likely renting and not purchasing homes.

 

The sad part is that many people have no understanding about the credit rating system. They have no idea on how they can start establishing their credit record. They do not know how they can have access to credit.

 

Credit does not only talk about the loan. This is also about the credit worthiness of the borrower and a whole lot more. If you are one of the settlers in Canada, then you must obtain a credit card. This is your number one priority. You can start on using it and keep on paying the bills at the right time. The credit record will start to build up.

 

Most of the lenders in Canada require one point five to two years of history before being granted a mortgage loan. CMHC has its program for special newcomers that help new Canadians to settle in Canada.

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