New to Canada and non-resident mortgages
Welcome to Canada! If you’re like most Canadian immigrants, you’ll want to purchase your own home at some time in the future. The good news is, that even as a recent arrival (or non-resident), you can still qualify for very competitive mortgage rates.
Let’s take a look at how financing works for people living in Canada on work visas, employed non-landed immigrants and non-working new immigrants who have applied for, or received landed immigrant status.
Basic Canadian mortgage rules
Before continuing, keep in mind that unless you have been transferred to Canada by your company, you will usually need to have been working in Canada for at least 3 months to qualify for a mortgage.
Lenders will also want to see your credit history. We recommend applying for an International credit report from Equifax or Transunion.
Establishing Canadian credit history
A great way to establish Canadian credit history is to apply for a credit card. If traditional providers won’t offer you one, you may wish to apply for a secure credit card. These are credit cards where you pay the creditor a deposit that you will get back after proving a successful track record of repayment.
Some lenders may also consider signed letters from a landlord indicating timely rent payments, or utility bills showing no late payments for at least a year.
An InTrend Mortgage agent can help you build your credit history in Canada.
Qualifying for a mortgage with a work visa
Even if you are in Canada on a work visa, you can qualify for 95% financing on your first home. This is provided you have an excellent international credit report or can provide proof of timely payment of two other sources of credit, like a phone or hydro bill.
Getting a mortgage as an employed landed immigrant to Canada
If you have been employed for at least three months, you can qualify for up to 90% financing on your first home. Lenders will usually only allow this for single-unit primary residences – no refinances or rental units are permitted.
Getting a mortgage as a not-yet-employed, non-landed immigrant to Canada
Even if this describes your situation, you can still qualify for up to 65-75% financing on your first home. If seeking 65% financing, you will be asked to provide proof that you have liquid assets that can cover your mortgage payments, including applicable property taxes, for a minimum of six months.
If seeking 75% financing, you’ll need to show liquid assets totaling 25% of your purchase price. As above, lenders will usually only allow this for single-unit primary residences – no refinances or rental units are permitted.
If you’re new to Canada, InTrend Mortgage can help you qualify for a mortgage.
If you are new to Canada and would like to purchase a new home, speak to one of our experienced mortgage agents. InTrend Mortgage agents have extensive knowledge of the Toronto and Ontario real estate markets and are uniquely qualified to help new immigrants qualify for a Canadian mortgage loan.
Call us at 905-780-8988 and let InTrend Mortgage help you get the keys to your first home in Canada.
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Last Updated: 22-03-2023
*Rates are subject to change without notice.
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InTrend Mortgage agents understand that finding the right mortgage plan starts with finding the best mortgage loan rates possible. Your agent will creates the perfect mortgage plan by carefully considering your needs.
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- Are you better served with a variable rate?
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That’s because every InTrend Mortgage agent negotiates on your behalf with multiple lenders to find you the absolute lowest mortgage loan rates possible. Free from the limitations of dealing with individual banks or lenders, your agent works tirelessly to deliver a mortgage plan that will beat all other mortgage rates, with the terms that match your needs.
Call us today at 905-415-8488 – and let an InTrend Mortgage agent show you how much money they can save you on your next mortgage.