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Special Mortgage for New Canadians

new to canada mortgages

Welcome to Canada!

As a newcomer, you face many exciting opportunities.  You also face formidable challenges in your new land. 

Among the greatest opportunities is home ownership.  And home ownership can also be one of your greatest challenges.

That is why we are pleased to offer a special mortgage just for new Canadians - the New To Canada Mortgage program.  This special program takes into account the circumstances of a new Canadian.  I am sure you will be pleased to know that being new to Canada does not decrease your chances of getting a mortgage, nor in any way does it hinder the process. 

In fact, that's the whole idea of the New To Canada Mortgage - to help you buy your first home in your new country, to build equity, and to become socially and  economically established in Canada.

This special mortgage is available to you if you have arrived in Canada at least three months ago (and passed the three-month probationary period with your employer), and less than 36 months ago (because after three years, you are no longer considered new to Canada).

One of the exciting things about the New To Canada Mortgage is that it covers up to 95 percent of the price of your new home.  That means that you might not need more than five percent down payment to own your very first Canadian home.

You will also be pleased to know that there are no minimum income requirements, and every situation is evaluated individually on its own merit.  The bottom line is that we want two things:

  • We want you owning a home as quickly as possible.
  • We want to make sure that you can make your mortgage payments.

You have some options; for example, an extended term of up to 30 months is available, making monthly or weekly payments more manageable.  You also have the choice of fixed, variable, or adjustable rate mortgages, depending on your preferences for lower rates or flexible repayments.

If you are a new immigrant without landed status and not yet employed, you might still qualify for a mortgage, but only up to 75 percent of the value of the property.  Obviously, there are more challenges in such situations, but we are often able to help you out.

Please complete the simple online mortgage application, and we can help you through the process and get you the financing you need to become a Canadian homeowner.

How to Qualify

Obviously, your income is important when applying for a mortgage or for any type of loan.  While there is no minimum income required for you to qualify, the more money you are earning, the easier it will be to get accepted.  A stable employment record is also important, so make sure to keep the same job rather than constantly switching jobs.  Or make sure that any job changes are moving upward in a natural progression of careers to show income security over the long run.

A good credit history is also very important.  The best way to build credit is to get a credit card as soon as possible, ideally the moment you arrive in Canada.  Start using the card immediately and make sure to pay your balance off in full every month.  Every month, without fail.  If you can't get a regular credit card right away, get a secured credit card until you can qualify for a regular credit card. A strong credit record is crucial to secure a mortgage, whether you are a new Canadian or a long-standing resident.

Credit from other countries counts, too, because we understand that building credit in a new country sometimes takes a while.  So keep records of earlier bank accounts and contact information.  Landlord credit is also helpful, if you have been paying your rent on time every month, so don't be shy to get a note from your landlord if you have no other credit record available.

A Word of Caution

We are a reputable company, doing business publicly where everybody can see how we operate.  We are licensed to broker mortgages in Canada.

There are some shady people on fringes of the mortgage sector to beware of - people who prey on newcomers from their old country.  Some newcomers have been duped into trusting them just because they share a common homeland - and the newcomer ends up paying huge extra fees that they don't have to pay.

A mortgage is a huge financial transaction.  Please be very careful whom you trust and deal only with reputable companies and licensed brokers that do their business out in the open where everybody can see.

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