New To Canada Mortgages
The dream of homeownership in Canada is achievable for those new to this country. We can help with your financing, and guide you through the process of buying your home.
You may be eligible to get 5% down payment if you have immigrated to Canada within the last five years and are a permanent resident, or if you have a work permit and have applied for permanent residency.
If you are a newcomer with a non-permanent resident status, you may be eligible for a mortgage with 10% down payment. A minimum of 5% down payment must be from your own resources.
There are no extra fees based on residency status. You can borrow funds if you have 5% down payment and anything over would be the borrowed of gifted funds.
Non-Residence
- Minimum 35% down payment that is available in a Canadian bank account
- Cannot be a gift and need proof of funds 90 days prior to financing
- Proof of Income which would be in the form of an employment letter and recent paystub
- Proof of credit which would be in the form of Canadian credit. If you do not have Canadian credit established, an international credit bureau and/or alternative credit sources will be sufficient.
Process
Once we figure out where you stand, the type of mortgage you will need, and your down payment amount, we can figure out how much you qualify for and get you pre-approved.
After you are pre-approved, we will lock the rate for up to 120 days, so that you are safe from any increases in rates.