New to Canada Mortgages
New immigrants to Canada play an increasing role in Canada's future population growth, creating new market opportunities. Mortgage financing is available to borrowers with permanent and non-permanent residence status, helping newcomers to realize their dream of homeownership in Canada. It is possible to own a home with as little as 5% down payment.
We will walk you through the entire process from start to finish. We are here to make sure you get the best rate and product possible for your first home in Canada.
Borrower Qualification
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Must have immigrated or relocated to Canada within the last 36 months
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3 months minimum full time employment in Canada (borrowers being transferred under a corporate relocation program are exempt)
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Must have a valid work permit or obtained landed immigrant status
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For 95% LTV, down payment must be from own resources. For LTV's less than 95%, the remainder may be gifted from an immediate family member or from a corporate subsidy.
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All debts held outside of the country must be included in the total debt servicing ratio (Rental income earned outside of Canada is to be excluded from the GDS/TDS calculation)
Documentation Requirements
|
Loan to Value |
Documentation
Requirements |
|
All LTV's |
-
Valid work permit or
verification of landed
immigrant status
-
Income Confirmation
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Down payment confirmation
-
Purchase and Sale agreement
|
|
Up to 90% |
OR
|
|
90.01% to 95% |
OR
-
Two (2) alternative sources
of credit demonstrating
timely payments (no arrears)
for the past 12 months. The
two alternative sources
required are:
-
Rental payment history
confirmed via letter from
landlord and bank statements
-
One other alternative source
(hydro/utilities, telephone,
cable) to be confirmed via
letter from the service
provider or 12 months
billing statements
NOTE: Alternative sources of
credit must be obtained from a
Canadian source.
|
How We Can Help
Our brokers work for you, not the bank! Our brokers offer you the expertise and resources so you can take advantage of the competitive mortgage market. We deal with over 40 lenders across Canada to find you the best possible mortgage to fit your needs. We are an independent company with the sole purpose of finding you the best mortgage rate and product in Canada. Our brokers will save you time and money by negotiating a better rate on your behalf at no cost to you! That's right, our services are absolutely FREE!
Get Started
The next step step is to obtain a pre-approval from a bank or lender. A pre-approval is simply a rate hold, typically for 120 days. This allows you to get all your financing setup prior to finding the right home. A mortgage broker will help you acquire the pre-approval so you are confident you have the best product possible.
Mortgage Pre-Approval Application
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Join Us
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