If you are a newcomer and immigrated/relocated to Canada within last 60 months, let a professional Mortgage Broker at Oakville Mortgage Team help you realize your dream of homeownership. Qualified homebuyers who have immigrated or relocated to Canada within the last 5 years are eligible, under the New to Canada program, to purchase a property with as little as a 5-10% down payment. The Oakville Mortgage Team knows how you can increase your chances of success and will help you realize your dream of homeownership in Canada. Some important guidelines to qualify for a mortgage are:
- 3 months minimum full time employment in Canada (borrowers being transferred under a corporate relocation program are exempt). Standard income and employment verification requirements apply.
- Note: If you have a substantial down payment (25% or more), and aren’t able to provide the usual confirmation of employment/income to prove you can service a mortgage, you still may be able to get a mortgage.
- Lenders want to see a history of credit repayment, so if you can provide an International credit report demonstrating a strong credit profile or 2 alternative sources of credit demonstrating timely payments (no arrears) for the past 12 months, you will strengthen your mortgage application.
- For a down payment, qualified home buyers may use traditional down payment sources including personal savings, non-repayable gift from immediate family member(s), proceeds from sale of property.
- Guarantors are not permitted
- You want to show the lender you are able to repay a mortgage so ensure you; open a bank account and use it regularly.
Listed is a general guideline for you, but we strongly encourage you to contact one of our qualified mortgage brokers to assist you with a mortgage solution that fits and best mortgage rates in Ontario.
A Mortgage broker in Ontario does not actually lend you the money; we provide you with mortgage advice, help you choose a lender from one of our many reputable lenders, and work to secure you the best mortgage terms and conditions for your New to Canada Mortgage. 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!