New Canadians have unique challenges when entering the housing market, and our mortgage brokers help to make that transition as easy as possible. We can get you approved!
The lender wants to know if you are a permanent resident or are on a temporary work visa. Permanent residents are considered as Canadian citizens, and have an easier time qualifying for a mortgage. A temporary resident may have a more difficult time with a mortgage approval, as there is always the possibility you do not get permanent residency. Lenders are looking for a sense of security when approving mortgages. You will be required to provide supporting documentation.
The most important considerations for new Canadians are credit history, down payment and and how you are going to make your regular mortgage payments.
Lenders want to know you pay your debits on time. Showing credit history is often a hurdle for new Canadians as lenders typically want to see a 3 year history.
A credit report provided by Equifax or Trans Union is the standard review process, but exceptions are sometimes made to compensate for shorter Canadian histories. At a minimum, lenders like to see a 12-month Canadian credit history of two “trades.” Trade is the word used to describe a credit account such as a credit card, bank loan, or car loan.
Some lenders may accept a landlord’s letter stating that you have paid on time for a period of one year, or utility statements reflecting the same. Lenders may also look at international credit report as a supplement to your Canadian credit history.
If you are new to Canada and do not have any established credit, you can still qualify for a mortgage with three months of employment history and by demonstrating credit worthiness to your lender in other ways:
Even though it is not required, it is a good idea to start establishing credit in Canada as soon as you can.
As with all mortgages, lenders want to know where your down payment is coming from. The minimum down payment required is 5% of the purchase price for an insured mortgage. Lenders want to see that the down payment funds have been in Canada for a minimum of 30 days and come from your own resources. Be aware, lenders may request a larger down payment depending on the results of your income and credit history. As with all mortgage applications the lender wants to see proof of income.
With most lenders, New Canadians must be employed for at least three months before being eligible for a mortgage. Lenders will request a job letter and pay stub as proof of income.
If you are self-employed a two-year history of Canadian self-employment will have to be shown with supporting documentation.
If you are a new Canadian, we can streamline the mortgage process for you, from counseling on credit, to obtaining credit references from foreign banks, to confirming foreign income. 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.
Gary is very knowledgeable at what he does. He went above and beyond to help me get a great rate, I will definitely recommend him to anyone without blinking an eye. You make me feel comfortable during the whole process. I just want to say a big thank you for everything you have done for me and my family
Gary is definitely a gem in not only the world of mortgages but overall as a person. He goes above and beyond to help and do whatever he can to help. Gary has helped us and went out of his way to make things work. He is kind, smart and has amazing customer service. We highly recommend him to everyone.
Gary is a fabulous and very knowledgeable. He went above and beyond to help us get a great rate!! We highly recommend him to everyone!! Thank you sooo much Gary for everything you have done for our family!!
I was very happy with the professionalism and courtesy provided to us by Gary and his team in navigating and procuring for us a great deal on a rather large, $215K, 2nd mortgage to help complete our extensive home renovations. Many Brokers will promise and not deliver but Gary and his extensive contacts and experience in this industry enabled us to quickly secure a 2nd mortgage and achieve our goals.
Gary's work ethic is fantastic. Not only is he organized, aware and thorough with his clients, he truly does approach each situation with 3 options. I appreciate the fact that he does not rely on one option ONLY to service his clients. This is particularly important at times when the market fluctuates or when things simply happen outside of our control. Gary, you have my highest recommendation.