New to Canada
Getting Started with Your First Home in Canada
Securing a mortgage when you are new to Canada can be difficult. Lenders typically rely on credit history to determine your eligibility for a mortgage and this takes time to establish. When you are new to Canada, you likely have limited or no credit available for lenders to analyze your profile, but we have programs to help. A down payment of 5% on a property may be available to you. The type of mortgage you will qualify for, and what documentation you’ll need to provide to your mortgage agent will depend on whether or not you are a permanent resident, what your credit rating is and how much you have saved for a down payment and where that downpayment came from. Many lenders will also ask for credit history or bank statements from your current country to help with their decision.
If you are a permanent resident and have a strong credit rating, you may be able to qualify for a typical mortgage. If you don’t meet the qualification details of a typical mortgage, there may still be a chance to obtain a mortgage through one of the “New to Canada” Programs offered by Canada’s three mortgage default insurance providers (CMHC, Genworth Financial or Canada Guaranty). These providers have their own programs geared to helping newcomers obtain mortgages in order to purchase a home.
Get A Great Mortgage For Your First Home in Canada
We love to help home buyers find the right mortgage for their situation. It's why so many people look to Wolfpack Mortgage Solutions. Get in touch today to find out more about our rates and how we can help you get the best mortgage for your first home in Canada.