New Immigrant

Mortgages for New Immigrants:

Welcome to Canada!

Being a recent immigrant could be tough in areas such as the language, the culture and the social system. Buying a home and getting a mortgage can be frustrating and difficult as well.

Canadian banks have a set of policies and guidelines that must be met before they would lend money to mortgage applicants. They look at the amount of your down payment and your employment situation. If you can pay 35% or more of the purchase price of the property, you would be able to get the mortgage relatively easily. Those who pay less than 35% of the purchase price may sometimes find it difficult to obtain a mortgage. Generally, banks will ask the following questions:

How much down payment do you have?
What is the purchase price of the property?
Are you currently employed and for how long?
What is your annual income?
What did you do before you moved to Canada?
Have you established your credit history in Canada?

However, these policies and guidelines are changing to benefit new immigrants. There are mortgage lenders who are relaxing the rules to accommodate this group of people who contribute significantly to Canada and the Canadian economy.

What is the next step?

>> Apply for A Mortgage (Home Purchase)

>> Learn How to Build Good Credit History

>> Discuss with a Valueland Specialist

At Valueland, we understand you and the mortgage market. Let us help you to get a smooth sailing to where you want to be - owning your home and establishing yourself in Canada.