Canadian Mortgage Advice for Newcomers or Immigrants
Canadian Mortgage Advice for Newcomers
Are you new to Canada and looking for a permanent place to live? Whether you're moving from the United Kingdom, Australia, or anywhere in between, Canada provides newcomers with a wonderful place to call home and many affordable home financing options to help speed up the home buying in Canada process.
Becoming a first time home buyer in Canada is easier than you think, especially if you have a knowledgeable mortgage broker on your side.
Assemble a Team of Experts
When it comes to hunting for a home in Canada, make sure you consult with a team of trusted Canadian real estate experts before making your final purchase decision. Working with a professional realtor, lawyer, and a Canadian mortgage broker will make your house hunting experience less stressful and easier to manage.
A realtor will help you find the home of your dreams, a mortgage broker will work with lenders to secure the financing you'll need to help make the purchase possible, and a real estate lawyer will protect your legal interests by reviewing all of the contracts before you sign them.
A Look at Canadian Mortgages
If you're new to Canada and are having trouble finding affordable mortgage terms, now's the time to start consulting with a mortgage broker. Mortgage brokers have direct access to dozens of lender offers, including financing options that are designed specifically for new Canadians. Mortgage brokers can also help you navigate the mortgage pre-approval process so you're better prepared for property negotiations.
Buying a home is one of the biggest decisions you'll ever make. A Canadian mortgage broker can help make the home buying process easier by thoroughly explaining all available financing options and providing you with access to favourable mortgage rates.
Making the Move Easier
Did you know that qualified homebuyers who have immigrated or relocated to Canada can qualify for great mortgage rates with as little as a 5% down payment? Or that non-residents who are in the process of relocating can buy their first home with a minimum down payment of just 10%?
First time home buyers in Canada can secure this type of financing quickly and easily, provided they have the proper documentation. If you're new to Canada, be sure to ask your mortgage broker about any necessary paperwork. This could include copies of your international credit report, past bank statements, a valid work permit, or verification of landed immigrant status.
Qualified newcomers will have no problem securing favourable financing options, even without a large down payment. Just ask your FamilyLending.ca mortgage broker how!
In Summary: What you need
- Must have immigrated or relocated to Canada within the last 36 months
- Primary applicant must have 3 months minimum full time employment in Canada
- Valid work permit or verification of landed immigrant status
- Income confirmation
- Down payment confirmation, whether gifted or you own savings.
- Purchase and sale agreement
- Letter of reference from a recognized financial institution or
- Six months of bank statements from primary account
- International credit report demonstrating a strong credit profile OR Two alternative sources of credit demonstrating timely payments (no arrears) for the past 12 months.
The two alternative sources are:
Rental payment history confirmed via letter from landlord and bank statements. Letter from landlord must indicate the following: name of tenant, monthly rent, length of tenancy, payment history. Bank statements must support the amount of rent and timeliness of payments outlined in the letter.
One other alternative source (hydro/utilities/telephone/cable) to be confirmed via letter from the service provider or 12 months billing statements.
As you see, there are many options available to new immigrants looking to start the home buying in Canada process. FamilyLending.ca understands the importance of an immigrant mortgage to those new to the country, and our brokers take pride in their ability to provide clients with flexible financing options. Our Canadian mortgage brokers take the guesswork out of a buying property, helping you feel less vulnerable and better prepared for homeownership.
If you're considering relocating to Canada, or are in need of refinancing advice on an existing Canadian property, call the experts at FamilyLending.ca, 1-866-941-6678.
