So, a credit history has begun. You have found the job or started to study and are working at the same time. At this moment your family budget is very important – knack off spending money.

Here are some advices, which will help you to spend your money in the right way:
1. Your monthly income has to be bigger than your expenses.
2. Have an eye on discounts; look through the advertisements, “Publie-sac”.
3. Do not take the credit which is lasting a long time, for example, credit to buy a car.
4. Buy only necessary things.
5. Do not buy expensive things without family member’s knowledge.
6. You always have to have on hand «cash cushion».

Third step – get to know the price on dwelling, which you want to buy.
Surely the price is in an advertisement. But you have to consider subsidiary expenses. So, add:
+ 5% from the price of dwelling (or more, if you want) – Initial installment.
+ 900$ and more – benefits of notary-lawyer.
+ 400$ and more – inspection of dwelling.
+ 300$ and more – price of evaluation of realty for bank appraisal for taking mortgage.
+ to 3.75% from the sum of mortgage depending on initial installment, when initial installment is 20% from price of dwelling the insurance is not obligatory – mortgage’s insurance from CMHC (Canadian Mortgage Housing Corporation), or another insurance company.
+ Tax on buying dwelling (mutation tax). Counting: the first $50.000 from the price of the house – 0,5%, the next tranche from $50.000 till $250.000 – 1%, remaining sum, more than $250.000, is to levy a tax on 1,5%;
+ Property tax for several month in advance (the term depending on the month you bought it and how much the salesman has already paid.);
+ Relocation costs (do not forget about change of e-mail address, transfer of phones, internet, TV cable , etc)

So, count and decide, if you are ready to buy the house of your dream… maybe it is better to wait or to find cheaper dwelling.

First variant. You have a “trunk of money” – cash or balance. Accordingly, you are ready to buy a house. You have to do only two things: choose and buy.
Second variant. You have to earn money. Take a credit. Insensibly pay it out.

We will consider this variant in more details. We always have to think about the future. Especially in the moment when you have recently moved to Canada, rent a house, found the first job or started to study. So, this is the very moment when you have to think about your credit history. Every one knows about it, I only want to emphasize that there is centralized system Bureaux de Credit in Canada, which spies on how you pay debts and according to it, gives you some quantity of score, which is called credit score. Scores can change depending on how you use your credit, how on time do you pay debt instruments, use your credit card, to avail you of taking credit.

If you have a good credit history in the future, when you buy realty, you can reduce the sum of the first payment.

The beginning of a credit history is сonnected with the opening of the first credit card. Unfortunately Canada did not take into account a credit rating of any other country, for example from which you have moved. And that is why it is hard to open a credit card – you do not have canadian credit history.
What do you have to do? There is very easy way, it is called secure credit account. The bank freezes on your account a fixed sum, for example $500 for a year. After it gives you a credit card with limit drawing on money in the same rate or smaller. You use this card and definitely keep the rules of the game which is called “to earn credit history”.

So, a credit history has begun. Our congratulations. You have already made a first step.