For those who are new to Canada or recently immigrated to Canada and are thinking of buying a home in Ottawa, here is some information on a new to Canada mortgage and a new immigrant mortgage.
New to Canada Mortgage
To begin, it’s good to open a bank account and start building your credit history. To build your credit history you can start by applying for a credit card.
If you are having trouble qualifying for a card, you can see about secured credit card options. There are many companies that have these available.
Fortunately there are options in place in Canada to assist you with buying a home as a new immigrant without having established credit or long term work tenure.
Who is Eligible to Apply For a New to Canada Mortgage or a New Immigrant Mortgage?
You are able to apply for a new to Canada mortgage or a new immigrant mortgage if you:
- you have lived in Canada for three years or less
- have applied for permanent residency (PR)
- least three months full time employment
These mortgages are available with an Ottawa mortgage broker with banks and many other lenders at today’s best mortgage rates in Ottawa.
New Immigrant Mortgage
What Documents Do You Need to Prepare For a New to Canada Mortgage or a New Immigrant Mortgage?
The following documents are required to apply for a new to Canada mortgage or a new immigrant mortgage:
- work permit or verification or landed immigrant status
- a pay stub
- a bank account statement showing you have down payment funds available
Some lenders may require other items, such as:
- two different sources of proof that you have paid your bills on time (i.e. phone bill, internet bill, letter from landlord)