Mortgages for Canadian immigrants
We have helped many immigrants buy a home in Calgary. In fact, almost half of our clients are from different cultures. It is great to see so many dreams come true. Living in Canada is one dream, but owning your own home is another. If you are new to Canada and are wondering what the mortgage options are for immigrants, there are several routes to take.
The first option is to talk to your bank or even a different bank and ask them about their programs especially designed for immigrants. A second option is to talk to a mortgage agent. A mortgage agent is able to shop at many different lenders for you, and might be able to find that particular lender and its product that suit your needs. There are certain lenders out there that offer special mortgages for people that are new to Canada. If it appears that you are not ready to get a mortgage, the mortgage agent will be able to advise you on the actions to take in order to secure a mortgage.
Important factors in order to secure a mortgage are income, job security, down payment and credit rating.
Income and job security
In most cases it is important to have a steady job, be past your probation and are working for a minimum of 3 months.
You will have to have money saved up in order to buy a home. Not too long ago it was possible to get a mortgage with no money down. The rules have been tightened in Canada and now you will have to have at least 5 percent down. Depending on the other variables (income, job security and credit rating) you may need more money down.
A common struggle for newcomers is the credit rating. It may take some time for a new Canadian to build a credit history and this is an important guideline for a lender. Besides your credit history, your phone bills, cable bills and a letter from your landlord may help proof your credibility. Sometimes you even need a co-signer to get the mortgage, but be aware of implications when you decide on asking a co-signer. They are going to be part owner of the property for example.
The bottom line for a newcomer to Canada is that if you want to buy a home in Canada, you start with talking to a mortgage agent. If you need the name of a trusted mortgage broker contact us. In a short phone call this mortgage broker is able to assess your information and give you an indication of your options. Worth the free phone call.