New to Canada – Welcome

 

Are you new to Canada? If you have either recently arrived in Canada, are considering moving here or just want to purchase a vacation home, you should know that you do have options when it comes to mortgage financing. There are many innovative products that have been created by many mortgage lenders for clients like you.

The three most common misconceptions about New to Canada clients is that they will not be able to obtain financing as they have yet to establish Canadian credit history, do not have a large down payment and/or are subject to much higher interest rates. This is not necessarily the case. In regards to the lack of Canadian credit history, we have alternative measures to obtain financial ‘reputation’ information such as international credit bureaus, banking reference letters or utility/rental payment history.

When it comes to the down payment, New to Canada Permanent Residents and Temporary Residents will be happy to hear that they can purchase with as little as 5% down at the best market rates. Non Residents however are required to have a larger down payment (usually 35% of the purchase price).

As each client that is New to Canada has different circumstances, it is best to discuss your individual situation with one of Nova Mortgage Brokers.