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New To Canada Mortgage
If you are new to Canada, you have embarked on a new path in your life. Getting qualified for a mortgage can be a daunting task and at times complicated if you are not familiar with the process and procedures. Our trusted mortgage agents can easily guide you through this process to help get you approved for your first home in Canada.
What Type Of Mortgage Do I Qualify For?
As a newcomer there are certain factors that determine your potential to get approved for a mortgage.
- Permanent resident status
If you have a good credit score as a permanent resident and have a down payment of 5% or more, you may qualifyfor a regular mortgage, the same as any Canadian citizen.
If your credit score is weak and are a permanent resident you may still qualify for the New to Canada Program offered by the three mortgage default insurance providers.
- The size of your down payment
- Your credit score
I Am Not A Permanent Resident Or Citizen Can I Still Get A Mortgage?
Yes! There are few options available to you. Below we explain them briefly. To go over them in more detail please contact our Mortgage Advisors who know how to pick the right products for your circumstances.
- You are not a permanent resident you may qualify for a traditional mortgage if you:
- Have a valid work permit.
- Have a good credit score
- Down payment of 5% or more.
- You are not a permanent resident, you may qualify for the New to Canada Program if you:
- Have a 10% or more down payment
- Your credit score can be good/fair or weak.
What Is The New To Canada Mortgage Program
You may not qualify for a mortgage in some circumstances as newcomer to Canada. However you still may be eligible under the New to Canada Program offered by the three mortgage insurers. In order to qualify for the New to Canada Program, you have to demonstrate that you have good credit. This can be achieved in a number of ways:
- Consistently using and paying off a credit card in full
- Making on-time payments for any loans
- Paying all bills (such as cell phone and utility bills) on time
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