Canadian Mortgage Advice for Newcomers
If you’re new to Canada and looking to buy a home, we can provide you with advice that will simplify the process. Regardless of what country you’re immigrating or relocating to Canada from, we have a variety of cost-efficient financial possibilities to help newcomers settle into Canada as quickly as possible.
Hiring a team of real estate agents, lawyers, and mortgage brokers is an intelligent choice to make before picking your house. This team will make the hunt for your new home more manageable.
Realtors help you navigate Canadian real estate markets while a mortgage broker will be the intermediary between you and the lender to ensure you have the best possible financing. A real estate lawyer will then assess all contracts to guarantee you are not at risk legally.
Examining Canadian Mortgages
Newcomers to Canada sometimes have a difficult time finding cost-effective mortgage terms. If you’ve hit a roadblock in your search, it’s time to look to a professional mortgage broker for advice. Mortgage brokers have resources from a myriad of mortgage lenders, which often includes mortgage products that are created for people immigrating or relocating to Canada.
Purchasing a home is an enormous decision. Hiring a professional mortgage broker can simplify this decision by ensuring you understand all available options, as well providing you with the best possible mortgage product.
An Easier Move
Newcomers to Canada are often eligible for as low as a 5% down payment. For non-residents currently relocating, the down payments may still be as small as 10%.
To be granted this financing, ensure you have proper documentation. Your mortgage broker can help you with securing this so the process is as easy and as quick as possible. Examples of documentation are: an international credit report, bank statement, valid work permit, and proof of landed immigrant status.
Consult your FamilyLending.ca mortgage broker today to find out how eligible new Canadians can receive appropriate financing easily, without a hefty down payment.
A Brief List of Requirements
- Immigration period must have occurred within the last 36 months
- Borrower must have at least three months of full time employment in Canada
- Valid work permit or proof of landed immigrant status
- Confirmation of income
- Confirmation of available funds for down payment
- Agreement of purchase and sale for house
- Reference letter from recognized and legitimate financial institution
- Banks statements from six months of a primary account
- International credit report revealing a good credit history. Otherwise two alternative credit sources from the past year revealing no missed payments
These two alternative sources are:
- A rental history which is verified with a letter from the landlord and includes the tenant’s name, monthly rent, length of tenancy, payment history, as well as applicable bank statements. The letter’s description of promptness of payments and rent expenses must line up with the provided bank statements.
- A letter from a service provider of at least one year of hydro, utilities, telephone, and/or cable may also be used.
FamilyLending.ca can assist with the multiple options open to those immigrating or relocating to Canada. Our mortgage brokers can help you find a financial product that works for you so you feel more comfortable with this huge step in home ownership.
If you’re new to Canada, or considering relocation to Canada, contact FamilyLending.ca at 1-866-941-6678.