To be considered new to Canada, you must have been residing in Canada for less than 5 years and have a legal status. If you are planning to purchase your first home in Canada, you will be happy to know that there are newcomer mortgage programs to enable newcomers to become homeowners. These programs also have specific requirements that potential home buyers need to meet.
A key component to qualifying for mortgage financing is proving your credit worthiness. As a newcomer, it may take time to establish credit. If you do not have established credit in Canada, Here are a few alternate methods, a lender will follow to confirm credit history:
– an international credit bureau or
– a landlord letter confirming 12 months of rent payment & corresponding bank statements for the 12 months to confirm payments, and
– a letter from a utility provider confirming payments or 12 months statements showing regular payments or
– a letter from the financial institution from the country of origin confirming banking relationship of a minimum of 6 months
If you are looking to get into homeownership, contact the team at MiMortgage.ca at 1.866.452.1100 to speak to an expert. We will guide you through the process. Let’s talk.
