Mortgages for individuals who are new to Canada are designed to help them navigate the Canadian real estate market and understand the various costs involved. This includes providing information on closing costs and adjustment costs, ensuring that newcomers are well-informed about the financial implications of purchasing a property.

One of the main advantages of obtaining a mortgage for new Canadians is the opportunity to build equity instead of paying rent. By investing in a property and making regular mortgage payments, newcomers can benefit from the increasing value of their home and establish a valuable asset. Additionally, acquiring a mortgage allows individuals to establish a credit history in Canada, which can be beneficial for future financial endeavors.

For newcomers seeking higher loan amounts, such as over $1 million, there are mortgage options available. These options typically require a down payment of at least 20% of the loan amount. However, there is also flexibility for individuals who may not have saved up the full down payment amount. In some cases, a down payment as low as 5% may be accepted, allowing newcomers to enter the Canadian real estate market with less initial funds.

To assist newcomers in finding the best rates and mortgage options, we provide information on homebuyer incentive programs and down payment assistance options. These programs and options can help reduce the financial burden of purchasing a property and make homeownership more attainable for new Canadians.

Through our wide network of lenders, including major banks, mortgage finance companies, credit unions, and alternative financiers, we can offer custom-tailored mortgage products that align with the unique needs of newcomers. Even if individuals do not qualify for a mortgage at their bank due to limited credit or employment history, we have access to innovative tools that can help secure a mortgage at the best rate available.

Overall, our goal is to provide new Canadians with an efficient and seamless first-time home buying experience. We understand the challenges that come with navigating the Canadian real estate market as a newcomer, and we are dedicated to providing the necessary support and guidance throughout the entire process.