Posted in New To Canada? or Re-Locating To Canada?
Being New to Canada does not have to mean that you cannot qualify for a mortgage. There are a handful of lenders who have designed mortgage lending products to fit the specific needs of someone who is new to Canada.
There are two basic components to these lending programs. The first component is aimed at someone who is being re-located to Canada by their employer. The second component is aimed at someone who has moved to Canada and has applied for Landed Immigrant status.
1. Re-Location
If you have been re-located to Canada, you may qualify for a mortgage of up to 95% of the value of the house you want to buy. At a minimum, you will need to provide the following items to the bank, as part of the application process:
a) a copy of your Canadian Work Visa
b) a copy of your international credit bureau
c) a copy of the employment letter from your Canadian employer
d) have been re-located to Canada within the past 24 months
e) you must occupy the house you are buying
f) all debts outside Canada must be disclosed on your application
What other documents you need to provide will depend on the specifics of your particular situation. Call us today and we will get you started on the road to owning your own home!
2. Landed Immigrant
If you have applied to become a Landed Immigrant in Canada, you may be able to qualify for a mortgage on a house. There are a number of key criteria that you will have to meet:
a) You must have a minimum of 3 months of employment in Canada
b) You must document that you are a Landed Immigrant
c) You must provide some documentation concerning your credit. This can take the form of a letter from your bank in your home country, a copy of your credit report from your home country or a copy of your last 6 months of Canadian bank statements.
d) You must show that you have been in Canada less than 2 years
e) You must live in the house you are buying (i.e. the house will not be a rental).
f) You must declare all your debts, including those outside Canada
g) You must provide a current job letter & pay stub from your employer
What other documents you need to provide will depend on the specifics of your particular situation.
Both people being re-located and those who are new immigrants may qualify for the best interest rates available in the mortgage market.
Canada truly is the land of opportunity. If you are New to Canada and want to buy a house, give us a call to see how we can help you.