New to Canada Mortgages
Are you new to Canada and looking for a Canadian mortgage to purchase your own home? SafeBridge is here to help. We make the process of getting approved for a Canadian Real mortgage simple and easy for newcomers.
Whether you are a permanent resident or just have a work permit, we know exactly how to put together your application. With our expertise, your new mortgage will be approved quickly, and you won’t have to deal with the red tape yourself.
If you are a permanent or non-permanent resident with good credit history, you may qualify for a typical mortgage. However, as a newcomer with little credit history in Canada, you may have to go a different route.
We can help you apply for a mortgage through Canadian Mortgage and Housing Corporation’s (CMHC) “Newcomers to Canada” program. This program makes homeownership accessible to all newcomers, through competitive interest rates and coast-to-coast availability. And it is specifically designed to help permanent and non-permanent residents with little to no Canadian credit history.
In other words, if you have not been in Canada long enough to establish the kind of credit history traditional lending institutions are looking for, this may be the mortgage product for you.
If a CMHC Newcomer mortgage is right for you, here is what you need to know:
- Newcomers with permanent resident status can purchase a home with as little as a 5% down payment, and it can be as low as 10% for non-permanent residents.
- Alternative sources will be required to demonstrate your credit history. This can include:
- Confirmation of rent or room and board payments for the previous 12 months
- Utility or bill payments
- A letter of reference from your financial institution
- Proof of continuous source of income (paystubs or letter of employment)
- An international credit report
- There is no minimum period of residency required
- The fees and premiums are the same as a typical mortgage any Canadian would pay
Settle down roots in Canada in your own home and start building equity. Contact us for more information to get started on becoming a Canadian home owner today!