Ontario is the most multicultural province in Canada and is a prosperous, democratic society built by the hard work of generations of immigrants. Ontario offers a world of opportunities, so it’s no wonder Ontario is the choice of many newcomers to Canada to call home. According to Demographic Quarterly: Highlights of Second Quarter 2013 from the Ontario Ministry of Finance posted September 2013, over the last 12 months Ontario received 105,818 immigrants, up from 101,287 during the previous year.
Living the Canadian dream includes purchasing a home and getting a New to Canada Mortgage. If you have been in Canada for less than three years, have landed immigrant status, and have been employed in Canada for a minimum of three months, you can qualify for a mortgage.
Establishing a Credit History
If you are here on a work visa or are a landed immigrant employed for a minimum of three months, you may qualify for up to 95% financing, as long as you have a strong International credit report demonstrating a strong credit profile, or can provide proof of twelve months timely payment of two alternative sources of credit (i.e. utilities, cell phone, rental payment history, etc.cable). To obtain a mortgage with best mortgage rates, it is important to have a good credit history.
To get prepared it is a good idea to start getting documents of your work permit/landed status papers or passport, social insurance number, credit references, documentation of down payment money source(s), bank statements with 90 days of account activity and employment letter(s). Our mortgage brokers can let you know exactly how much of a mortgage you can qualify for and our mortgage brokers will review the mortgage payments, the interest rate and a closing cost budget with you in advance.
The Oakville Mortgage team provides professional services that will assist you in buying your first home in Canada. The first time home buying can be stressful and confusing for you as a newcomer to Canada but with the right guidance from us, we will assist you in making the dream of buying a new home in Canada a reality.
If you’re looking for best mortgage rates Ontario, Oakville Mortgage Team is a leading mortgage brokerage firm serving Oakville, Burlington and Milton, offering seamless solutions to all your mortgage needs. Contact us today to find out more.