Mortgages for Landed Immigrants and Work Permit Holders in Toronto, ON
Are you a new immigrant and looking to arrange financing and achieve the dream of home ownership? I am here to help!.There are options for New Immigrants to Canada to purchase a home sooner with as little as 5% down.
If you are new to Canada I would like to help you purchase your first home, build equity, and become economically established in your new country. The Lender will ask you for the following documentation:
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Building Your Credit
Establishing a Canadian credit history is a very important step, and applying for a credit card is a good way to start this process. If you’re having trouble with traditional creditors, consider a secured credit card. These are easier to get and here’s how they work: if you are approved for a $1000 limit on a secured card, you pay the creditor $1000 upfront as security, and after demonstrating a period of successful repayment (which is usually twelve months), you get that money back.
Establishing a Canadian credit history is a very important step, and applying for a credit card is a good way to start this process. If you’re having trouble with traditional creditors, consider a secured credit card. These are easier to get and here’s how they work: if you are approved for a $1000 limit on a secured card, you pay the creditor $1000 upfront as security, and after demonstrating a period of successful repayment (which is usually twelve months), you get that money back.
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Lenders also recognize that it can initially be difficult to establish Canadian credit.
Because of that, they will consider credit history from alternative sources, such as:
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Additional documents required when applying with 5% down payment:
- International credit report demonstrating a strong credit profile, OR
- Two (2) alternative sources of credit demonstrating timely payments (no arrears) for the past 12 months. The two alternative sources required are:
- Rental payment history confirmed via letter from landlord and bank statements
- One other alternative source (hydro/utilities, telephone, cable) to be confirmed via letter from the service provider or 12 months billing statements
Additional documents required when applying with 10% down payment:
- International credit report demonstrating a strong credit profile, OR
- Six (6) months rental payment history confirmed via letter from landlord and bank statements
If you have relocated to Canada within the last 5 yrs, call me now at 647-893-2535 to discuss the New Immigrant Mortgage options. Getting the right advice from the start will facilitate the process while getting competitive market rates.