Who is considered a Newcomer to Canada?
A newcomer is someone who has immigrated to Canada within the last 5 years and is already a Permanent Resident or who has received confirmation of Permanent Residence from Immigration, Refugees and Citizenship Canada (IRCC).
Common Myths about Mortgages for Newcomers
Myth: Newcomers to Canada will not be able to obtain a mortgage from a large Canadian bank.
Fact: Most Canadian Banks understand that home purchase is one of the most important decisions for your settlement in Canada, we have programs to help you get into your first home in Canada.
Myth: Newcomers cannot qualify for a mortgage if they do not have a well-established credit history in Canada.
Fact: As long as you meet other eligibility requirements, Job, Downpayment etc: We can get you qualified for a mortgage even with limited or no Canadian Credit History.
Myth: Newcomers can’t qualify for a mortgage if they do not have at least two years of Canadian employment.
Fact: We have special programs for Newcomers who are new to Canada and do not meet the traditional two-year employment tenure.