Welcome to Canada! If you’re new to Canada and looking to buy a home in the Toronto,Mississauga, Oakville or Greater Toronto Area, you’ve picked the right time to do so. The quicker you can purchase a home with a great mortgage rate, the better off you will be.
Immigrants are an important part of Canadian society. This is something I understand first-hand, having moved to Canada myself more than a decade ago. I understand what it’s like to be a new Canadian resident, and I have the knowledge and resources to make sure you get the best mortgage possible.
Understand the Resources That Are Available
As your mortgage innovator, I will be focused on getting the best mortgage possible for your unique needs and goals. Part of my service as a mortgage agent is helping clients understand the resources that are available. For example, as a new Canadian resident having recently relocated or immigrated, you can qualify for Genworth default mortgage insurance with a down payment as low as 5% with income confirmation. Here’s a little more information to help you understand this valuable resource for new Canadian residents.
Qualification for Borrowers:
- Must have relocated or immigrated to Canada within the last five years
- Must have been employed full time in Canada for at least three months
- Must have obtained landed immigrant status or a valid work permit
- No guarantors allowed
- Total debt servicing ratio includes all debts held in other countries
If your mortgage has a 95% loan-to-value ratio, your down payment must come from your own resources. If you can’t come up with the entire down payment on your own, however, it’s possible to supplement with a corporate subsidy or a gift from a family member for loans with a lower loan-to-value ratio.
Documents You Will Need:
- Agreement of Purchase and Sale
- Confirmation of down payment
- Confirmation of income
- Valid verification of landed immigrant status or work permit
Borrowers with a loan-to-value ratio of up to 95% will need six months of bank statements from a primary account or a letter of reference from an authorized financial institution. Borrowers with a loan-to-value ratio of up to 95% must also have either an international credit report that proves a positive credit history, or two different credit sources that prove a strong history of making timely payments over the last year.
There are other available programs for those new to Canada, as well. For example, if you are able to put down a 35% down payment and have enough money in the bank so show that you can carry the mortgage, income confirmation is unnecessary. To learn more about programs for new immigrants, just ask me. I am here to respond to all your questions.
As your mortgage agent, I will be available throughout the entire qualification and application process, as well as the before and after, so you can worry about buying a home and settling into your new life in Canada.