If you're new to Canada and need mortgage financing, happy you're here.
There are certain things you should know, let us walk you through the process.
In Canada, all three default insurance companies, CMHC, Sagen, and Canada Guaranty, provide a New to Canada Program, making insured-mortgage financing available to borrowers with permanent and non-permanent residence status.
While the home buying process can be overwhelming, it doesn't have to be with the right professionals on your side! Mortgage financing made easy. Here's the plan.
Get started right away
The best place to start the mortgage process is to connect with us directly as soon as you feel comfortable. The mortgage process is personal. Getting started early means you have more time to put together a great plan to get a mortgage.
Get a clear plan
Sorting through all the different mortgage lenders, rates, terms, and features can be overwhelming. Let's talk through your financial situation, assess your needs and put a plan together that you feel comfortable with.
Moving forward
With a plan in place, when it comes time to actually securing mortgage financing, the goal is for you to know exactly where you stand at all times. If you have questions along the way, please connect with us anytime!
It would be a pleasure to help you with mortgage financing as you establish your new life in Canada.
Resources to help you with mortgage financing on your home purchase
An Overview of the Home Buying Process
Working with an independent mortgage professional will allow you to assess your creditworthiness, provide insight on how a lender will view your income, help you plan for a down payment, and nail down exactly how much you can afford to borrow.
How to Establish New Credit
Building credit takes time. It’s not something that happens overnight. If you’re looking to build a credit file to secure mortgage financing, you’ll want to get started right away.
How to Ensure a Smooth Home Purchase
Figuring out what you can afford, understanding your cash flow, and getting a pre-approval are a few of the steps you should take to ensure a smooth home purchase. Learn what else you should consider.
The Property Matters in Mortgage Financing
Even if you have a great job, excellent credit, and money in the bank, you shouldn’t assume that you’ll be guaranteed mortgage financing. Once the mortgage process has started, the lender will always assess the property you’re looking to purchase. Learn what the property matters to the lender here.
Learn more about how credit impacts a home purchase
Credit and Mortgage Financing
Credit is the ability of a customer to obtain goods or services before payment, based on the trust that you will make payments in the future. When you borrow money to buy a property, you’ll be required to prove that you have a good history of managing your credit.
Should you get preapproved for a Mortgage?
A preapproval is the first look at your overall financial health. It is used to point you in the right direction before you’re ready to apply for a mortgage. Learn more about the preapproval process here.
Fixed-Rate or Variable-Rate Mortgage
A fixed-rate mortgage has your interest rate "fixed" for a certain term, anywhere from 6 months to 10 years, with the typical term being five years. Learn more about fixed and variable rate mortgages here.
Why Downpayment Source Matters
Understanding the source of your downpayment plays a part in a lender’s assessment of your suitability for mortgage financing. Learn more about how the source of your downpayment impacts your mortgage application.
Lowering Your Overall Cost of Borrowing
Choosing a mortgage with a low rate is part of reducing your overall borrowing costs, but it’s certainly not the only factor. Learn more about what you should consider when securing mortgage financing.
