Mortgage for New Immigrants
Moving to a new country can be a difficult and very stressful decision. You need to get a new job, find new friends and make millions of small and large decisions. What else is on your table, as a new immigrant?
Oh yes – a home to live in! You need a place to live, and taking into consideration the prices for rent in Vancouver and Toronto, both cities where many immigrants first arrive, it becomes clear that buying a house might be a better option than renting one.
As you are new here you most likely will not have a credit history or a job jet. However, if you brought all of your savings to Canada, then perhaps you can think of applying it towards a down payment instead of rent so that you can have a place to call your own.
You would need a 35% down payment and around 10% on top of it, to pay your mortgage for the first 2 years.
There is no need to wait for full citizenship. As soon as you have your PR, you can purchase your home in Canada.
Please note that a bank may ask for the international credit report (depending on the country you arrived from) and check your credibility.
We have helped new immigrants for over 15 years and gained approval for thousands for their first home in this beautiful country!