New To Canada?
We help immigrants find a home of their own.
Are you new to Canada? You’re not alone! More and more people are coming to Canada (especially Vancouver) to get settled and purchase their own property.
Before you apply for a mortgage, you must consider your credit history and downpayment. All lenders will ask for this information. Applying for a Canadian credit card is also a right step to take if you want to begin building rapport for getting approved. If you do not have any established credit, then you can qualify for a mortgage with three months of employment history. You can also demonstrate credit worthiness in the follow ways:
- Provide proof of rent payments and bank statements
- Credit report from another country from international credit reporting companies such as Equifax or Transunion
- Annual pre-authorized payments such as utilities, telephone, internet, and insurance
Keep in mind that you are only considered new to Canada for 36 months after arrival, so any additional flexibility granted to new immigrants goes away after three years.
Now a word of caution. New immigrants may be exploited by their mortgage advisor. People sometimes place blind trust in a mortgage broker, and didn’t bother to learn because that advisor was from their same country of origin. In these instances, the mortgage broker secured private financing at high rates in order to earn higher commissions and extra fees. To avoid being exploited, shop around and ask for information. Ignorance can be expensive.
The Mortgage Professionals understand that purchasing your new home for new Canadians can be complex and costly. We’ll streamline the process for you, from counselling to obtaining credit card references, to making sure we leverage your best assets to get approved.
We look forward to helping you purchase your first home!