The process through which people become homeowners often overwhelms new Canadians, but, fortunately, they have helping hand
On the heels of winning the Canadian Mortgage Award for Alternative Broker Specialist of the Year (New to Canada) this April, Ameera Ameerullah of Canada Mortgage & Financial Group makes a difference in the lives of her clients each and every day.
She attributes her CMA victory to understanding perhaps the most salient fact about new Canadians.
“Coming from a different country that has different processes is challenging to the norm that they’re used to,” said the CEO. “Typically, they’re not aware of how to establish credit, taxation requirements, and what type of property to purchase, or who they can obtain trusted advice from. There are restrictions on down payments, credit worthiness and income nature, too.”
Ameerullah works tirelessly to educate her clients about the importance of financial planning, the different types of investment accounts they can set up to earn income on their personal funds, and what banks expect before the dream of homeownership can be realized.
“We educate them on a lot of things, like taxation requirements, acceptable income structure from employers, real estate market prices in different locations and how to become credit worthy so that they’re prepared, and understand, the process ahead of time,” said Ameerullah, who also won Best Alternative Lending Broker of the Year at the 2017 Canadian Mortgage Awards. “We will also continue to educate our clients on the cost of borrowing involved with purchasing a property and obtaining a mortgage, as this is a big factor and surprising to many who don’t know about the legal fees involved, the possible costs of appraisals, lender and broker fees, moving costs, etc.”
No detail is too small for Ameerullah, and that’s reflected in CMFG’s suite of offerings. In fact, as Canada’s immigration quota has increased by a third to 300,000 newcomers, veterans like Ameerullah will become even more indispensable.
“As major banks are not providing clients with alternative options if they do not fit the traditional guidelines that the banks and insurers have at this time, our space has become essential,” she said. “Consumers require options and they are all not going to fit into the current cookie cutter options.”
Part of the CMFG’s plan this year is to continue working with likeminded players within the industry in a bid to help newcomers who do not yet meet A lending requirements.
“We’ll continue to listen to the feedback of consumers and develop relationships with new and alternative lenders,” said Ameerullah. “We want to create more affordable finance options for borrowers who don’t fit the traditional banking guidelines, especially for first-time buyers, the self-employed, and real estate investors.”
Related stories:
More lender regulations could be on the horizon
Fine print and other considerations in the era of alternative mortgages
