Mortgages for New to Canada
Are you a new immigrant and looking to arrange financing and achieve the dream of home ownership? I am here to help!
There are options for New Immigrants to Canada to purchase a home sooner with as little as 5% down.
If you are new to Canada I would like to help you purchase your first home, build equity, and become economically established in your new country.
The Lender will ask you for the following documentation:
- Valid work permit OR verification of landed immigrant status
- Entered Canada in the last 5yr
- Income confirmation – min 3 months full-time employment
- Down payment confirmation - own resources
Establishing a Canadian credit history is a very important step, and applying for a credit card is a good way to start this process. If you’re having trouble with traditional creditors, consider a secured credit card. These are easier to get and here’s how they work: if you are approved for a $1000 limit on a secured card, you pay the creditor $1000 upfront as security, and after demonstrating a period of successful repayment (which is usually twelve months), you get that money back.
Lenders also recognize that it can initially be difficult to establish Canadian credit. Because of that, they will consider credit history from alternative sources, such as:
- a landlord’s letter showing twelve months of on-time payments, or
- copies of utility bills that show regular payments being made for at least a year.
Additional documents required when applying with 5% down payment:
- International credit report demonstrating a strong credit profile, OR
- Two (2) alternative sources of credit demonstrating timely payments (no arrears) for the past 12 months. The two alternative sources required are:
- Rental payment history confirmed via letter from landlord and bank statements
- One other alternative source (hydro/utilities, telephone, cable) to be confirmed via letter from the service provider or 12 months billing statements
Additional documents required when applying with 10% down payment:
- International credit report demonstrating a strong credit profile, OR
- Six (6) months rental payment history confirmed via letter from landlord and bank statements
If you have relocated to Canada within the last 5 yrs, book a call with us below to discuss the New Immigrant Mortgage options. Getting the right advice from the start will facilitate the process while getting competitive market rates.
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Fill out the form below to get in touch with our team. We are here to answer any questions you may have and help you with your mortgage needs.