Helping new Canadians get a home of their own
New Canadians are making their numbers felt in the housing market, as they get settled and make the transition from renter to owner.
The most important considerations for new Canadians are credit history and downpayment. If you are new to Canada and do not have any established credit, you can qualify for a mortgage with three months of employment history and by demonstrating credit worthiness to your lender in other ways:
- Proof of timely rent payments confirmed by your landlord (non-family member) and bank statements
- Bank statements showing pre-authorized payments for12 months for regular payments such as utilities, telephone, cable, insurance premiums, along with a bank reference letter
- A credit report from your country of origin
Even though it is not required, it is a good idea to start establishing credit in Canada as soon as you can. A downpayment of five percent is the minimum, although a larger down payment may be required.
If you are a new Canadian, we can streamline the mortgage process for you. We’ll advise you on the paperwork you need to assemble to apply for a mortgage, and then present your financial history to the lender or lenders that can best meet your needs.
“As new immigrants, we always relied on the Bank for advice and guidance. After our 1st meeting with Feisal, we realized that every home/business owner must deal with professionals like you and your team to understand the financial gains and transparency involved. Thank you again Feisal and Shimona for all the help. Keep up with the good work!”
– Tony F.