Apply Now

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 possibilities to help accelerate 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, ensure you consult with a team of trusted Canadian real estate experts before making your final purchase decision. Working with a professional realtor, lawyer, and 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 partner with lenders to secure the financing you’ll require to help make the purchase possible, and a real estate lawyer will safeguard 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 begin consulting with a mortgage broker. Mortgage brokers have direct access to dozens of lender offers, including financing alternatives that are designed specifically for new Canadians. Mortgage brokers can also help you get through the mortgage pre-approval process so you’re better prepared for property negotiations. Purchasing a home is one of the most significant decisions you’ll ever make. A Canadian mortgage broker can help make the home buying process easier by thoroughly explaining all attainable financing options and providing you with access to favourable mortgage rates. 

Making the Move Simpler

  • 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 purchase 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 might 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. Simply ask your mortgage broker how!

In Conclusion … What you need!

  • Must have immigrated or relocated to Canada within the last 36 months
  • Main 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 different sources of credit demonstrating timely payments (no arrears) for the previous 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 detailed in the letter. Another alternative source (hydro/utilities/telephone/ cable) to be confirmed via letter from the service provider or 12 months billing statements.

 There are many options available to new immigrants looking to start the home buying in Canada process. understands the significance of a mortgage to those new to the country, and our brokers take pride in their ability to offer clients with flexible financing choices. Our Canadian mortgage brokers take the uncertainty 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 professionals at, 1-866-941-6678.