When you are a newcomer to a country you aren’t yet familiar with, there can be any number of differences that can seem confusing to you. Whether you are considering owning property in Canada as a non-permanent resident or as a permanent one, you may be wondering if getting a mortgage as a newcomer to Canada is possible and what you’ll need.
Mortgage newcomers are a growing group that our Canadian population sees as favourable, so many lenders have developed mortgage policies so that you can purchase a second home here in Canada or move here permanently and purchase your dream home. One of the things you might run into that may be different from where you currently live is the down payment you’ll be required to make. Since you’ll likely have a limited credit history here in Canada, it will be more involved to obtain approval, but it is possible.
The key to being one of the incoming mortgage newcomers is working with an experienced mortgage broker who has access to several lenders. This will provide you with more options and more favourable terms than if you were to go it alone. They will also help you understand the differences between Canadian mortgages and what you might be accustomed to in your previous country of residence.
A great place to start for mortgage newcomers is calling us at Centum Mortgage Store, Ltd. We work with those who are new to Canada, as well as Canadians purchasing their first home. We have access to more than 20 lenders and will provide you with the great counsel that you deserve.