Canada has seen a surge of international migration over the last few years and, with all these new faces in town wanting to plant roots in this great country, we wanted to touch base on some of the details surrounding mortgages and how new immigrants can qualify to be homeowners!

Buying a house is an exciting step for anyone, but it is especially so for individuals who are new to the country. As daunting as it may seem, purchasing a home is completely possible with a little knowledge and preparation.

If you are new to Canada and looking to get a mortgage, let’s connect and review options that best suit you!

 

Several of our lenders offer New to Canada programs; and it’s important to get pre-qualified before you start shopping for a home so we can determine your purchasing power, and review other expenses will include heating and utilities, property taxes, home maintenance, and insurance.

  • Low down payment: as little as 5% down
  • Flexible: fixed, variable, or adjustable rate mortgages available
  • Common-sense evaluation: all files are reviewed by individual circumstances

Credit and work history are very important when trying to obtain a mortgage. But as a newcomer to Canada, you may not have a credit history that is accessible to Canadian lenders — we can look at other options, including your international credit bureau and/or other bill payments/history here in Canada.

Here are some tips that will help you show a lender you are able to repay a mortgage:

  1. Open a bank account and use it regularly
  2. Consistently pay your bills on time — including rent, utilities, cable, and insurance premiums
  3. Apply for small loans from your bank to starting proving that you can pay on time
  4. Apply for a credit card
  5. Try to stay with the same employer for an extended period of time

I’m here to help… and remember, there is NO COST to you.  I look forward to working with you!