Philippine Asian News Today Vol 20 no 19 | Page 10

IMMIGRATION & Mortgage 10 The Notary Corner By Editha Corrales Nelson Immigration Consultant, Notary Public, Mediation / Arbitrator If you are a dual Canadian citizen used to travelling to or transiting through Canada by air with a non- Canadian passport, you will no longer be able to do so as of November 10, 2016. You will need a valid Canadian passport to board your flight. If your country needs you to enter and exit that country using a passport issued by its government, you will still need a valid Canadian passport to board your flight to Canada. Make sure to carry both passports when you travel.. Exception: If you are an American- Canadian dual citizen with a valid U.S. passport, you don’t need a Canadian passport to fly to Canada. However, you will still need to carry proper identification and meet the basic requirements to enter Canada. BASIC REQUIREMENTS To visit Canada, you will need to meet some basic requirements, such as: have a valid travel document • PHILIPPINE ASIAN NEWS TODAY October 1 - 15, 2018 DUAL CANADIAN CITIZENS NEED A VALID CANADIAN PASSPORT such as a passport, • be in good health, • have no criminal or immigration-related convictions, • convince an immigration officer that you have ties—such as a job, home, financial assets or family— that will take you back to your home country, convince an immigration • officer that you will leave Canada at the end of your visit, and have enough money for your • stay. (The amount of money you will need can vary. It depends on things such as how long you will stay, and whether you will stay in a hotel, or with friends or relatives.) You may also need a: medical exam and • • letter of invitation from someone who lives in Canada. WHY YOU MUST TRAVEL WITH A VALID CANADIAN PASSPORT Starting November 10, 2016, a new Government of Canada electronic system will verify that all passengers have an appropriate travel document before they can board a flight to Canada. This process will happen automatically when your travel document is scanned during check-in for your flight. This change is part of a broader Government of Canada initiative aimed at ensuring that all Canada- bound passengers have appropriate travel documents to enter the country before they board their flight. For Canadian citizens, including dual Canadian citizens, you must present an acceptable travel document that shows that you are a Canadian. This means you need a valid Canadian passport (or a Canadian temporary passport, or a Canadian emergency travel document) to allow airline check-in staff and border officials to confirm that you are Canadian. A valid Canadian passport is the only reliable and universally accepted travel document that provides proof that you are a citizen and have the right to enter Canada without being subjected to immigration screening. Make sure that the expiry date of the passport is well beyond your planned return date ** Strictly taken from cic.gc.ca Canadian Certified A Immigration Consultant, Certified Senior Advisor and a Notary Public in the City of Burnaby, Editha Corrales Nelson’s preferred areas of practice are Powers of Attorney, Wills Preparation, International Legal Documents, Name Changes, Affidavits, Letters of Invitation, Statutory Declarations, Drafting of Business Contracts and other notarial services. For an appointment, please call: 604-777- 2757. The following should not be construed as providing legal advice and information in this column is intended only as a general guide and should not be applied to specific circumstances without further consultation. For more information on the subject, contact Editha Corrales Nelson at 604-777-2757 or email: [email protected]. Go Ahead And Shop Around For Your Mortgage If you are like me, you Licensed Mortgage Specialist want to shop around in stores or go online to dozens of different sites in order to look for the best shoes, bags, clothes, make- up, appliances and furniture, just to list a few. Is this a good idea? Yes, definitely. You have the satisfaction and assurance that you that you were able to get your money’s worth with your purchase. The same goes when you are buying your home. You spend endless hours going through listings and going to open houses because you want to make sure you’re buying a property that you can be happy with. But oftentimes, homebuyers end the quest there once they find their dream home. They don’t go the extra mile to ensure that they are getting the best mortgage for their purchase. They go to their default bank to hand over their documents and leave the details of the mortgage to a mortgage representative. And yet, home purchase is oftentimes the biggest investment a person will make in his/her lifetime. If you were that homebuyer, shouldn’t you invest the time and effort to review your mortgage options? Yes you definitely should. This is absolutely the one time you need to spend the time and energy to do your homework to ensure your biggest MYLENE LIM investment is properly structured to your specific requirements. If you are comfortable working with doing your own mortgage research, then arm yourself with questions that you can ask the bank representative when you sit down to discuss your mortgage with them: • Ask the bank rep what mortgage products he/she thinks would best work for you and why • Ask the bank rep how long he/she has been in the industry and how many mortgage clients he/she’s had • Ask if he/she plans on being in that same position for a while or if they’re working on a promotion (or even leaving the industry). This is important so that you know if the person will still be there once you find your place and if they’ll be around in the future if you have any questions. There is nothing more frustrating than having to deal with a new person every time you have a question about your mortgage and get a different answer every time. • Ask how their bank registers the mortgage (collateral vs. standard charge) and what the differences are between the charges. • Ask about pre-payment privileges and how it works. • Ask about the different types of mortgage terms and amortization available for you • I have to mention the first and foremost question I get asked by a homebuyer who’s getting a mortgage- what is the lowest interest rate I can get? A lot of us make the costly mistake of focusing solely on the mortgage interest rate, thinking that the lower the interest rate, the lesser our cost. Yes, getting an excellent rate is one part of it, but there are costs that can come up later without you even thinking of it now, which can cost you a lot more than you think. • Ask about the prepayment penalties for the mortgage options the bank rep is suggesting for you. Ask for a sample calculation to get a better understanding of the penalty charges you may incur if you break the mortgage. This is important as down the road you may have to get out of your mortgage before the maturity date. A lot of us think that this would not apply to us because we have no plans of breaking the mortgage for the duration of the mortgage term. But guess what, statistics show that 60% of mortgages are broken before the maturity of the term. There are so many outside factors that are not within our control that can cause the early termination of the contract, we could get laid off from work, have health issues, retire, upgrade, downsize, upsize, WWW.PHILIPPINEASIANNEWSTODAY.COM relocate, the list goes on… After you have gotten all the information from the first bank you approached, go ahead and repeat the process with one or two other banks so you can get a comparison on the mortgage products they are offering. Remember that the right mortgage can easily save you thousands of dollars and will give you the flexibility to make changes with your mortgage down the road. Alternatively, you can work with a mortgage professional who can do the mortgage shopping for you and offer different options for you to choose from. Mortgage professionals generally have access to more than 50 lending institutions and a few minutes of discussion with you will give the mortgage expert an idea of which product would be best for you. Homeownership is the biggest investment and consequently the biggest liability you may have. Work with a licensed mortgage professional whose industry expertise can benefit you in determining the best options available for your particular need. Questions? Reach out to me: Cel: 604 783 9097/ Email:mylene. [email protected]/ Web: www.MyleneLim.ca/ FB: Mylene Lim