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New to Canada Mortgage and New Immigrant Mortgage

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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.

Learn more: How to Build Your Credit Score
Learn more: Equifax.ca

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.

Learn more: Ottawa Mortgage Brokers
Learn more: Mortgage Brokers 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)

Why not make your mortgage experience a comfortable one?

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