New Canadians are becoming more prominent in the housing market, as they get settled and make the transition from renter to owner, with mortgage brokers helping to make that transition as easy as possible.
The most important considerations for new Canadians are credit history and down payment. If you are new to Canada and do not have any established credit, you can qualify for a mortgage with three months of employment history and by demonstrating credit worthiness to your lender in other ways:
Even though it is not required, it is a good idea to start establishing credit in Canada as soon as you can. A down payment of five percent on your home purchase is the minimum, although a larger down payment may be required. Other options we can consider is having an existing Family Member look at becoming a Second Homeowner, with a 10% down payment.
If you are a new Canadian, we can streamline the mortgage process for you, from counseling on credit, to obtaining credit references from foreign banks, to confirming foreign income. We'll advise you on the necessary paperwork you will need, and then present your case and financial history to the lenders that can best meet your mortgage financing needs.