New to Canada Mortgages
What documentation is needed for a new to Canada mortgage application?
- A valid work permit or landed immigration status
- Proof of income
- Proof of down payment (90 days history)
- Proof of sufficient Credit history
- Total net worth (Overseas and in Canada)
Immigration is a journey embedded with sacrifice and dedication. When it comes to finances, most immigrants cannot afford to gamble with a lack of certainty. It is highly important to understand the mortgage options available to new-comers prior to making a decision. As long as you have been in Canada for 3 months and have steady income you can qualify for a mortgage. Financing is available to borrowers with permanent residency status. Your permanent residency status will determine what type of mortgage you can apply for and what documentation the financial institution will require when considering your mortgage application.
Frequently asked questions
Who is considered a newcomer in Canada?
Any immigrant who has been living in Canada for less than five years is considered a newcomer. Newcomers to Canada may take advantage of newcomer mortgages to help them purchase a property, regardless of whether they intend to make Canada their permanent or temporary residence.
Can I use the purchase of a home in Canada to assist my immigration process?
No, Applicants for permanent residency in Canada will not benefit in any way from the purchase of a Canadian home.
Can new immigrants buy property in Canada?
Yes, newcomers to Canada are permitted to purchase real estate and may easily apply for a newcomer mortgage Canada.
Am I, as a new immigrant, eligible for first-time homebuyer incentives?
Yes, You may get a first-time homebuyer's incentive in Canada whether you're a temporary or permanent new immigrant as long as you meet the requirements (such as a certain down payment and employment permit).
Who is Eligible for a Newcomer Mortgage Program?
Here are the requirements to qualify for the new to Canada mortgage program if you are a newcomer to Canada (i.e., someone who came to Canada within the previous five (5) years).
A: You must be permanent resident
B: Have an acceptable income
C: You must have immigrated To canada during the last five years
E: be able to demonstrate an alternate source of solid payment history or have foreign credit (utilities, rent, insurance etc.)
