I’m a new Canadian

Mortgages for new Canadians

In our primary market area – Mississauga, Brampton, Oakville, Toronto and the entire GTA – we have the unique pleasure of living in one of the most ethnically diverse areas in the world!

Many of the Mortgage Brokers & Agents available at MortgageProOntario.ca are first and second generation Canadians who have seen their own family members and friends struggle with the rigours of obtaining financing as a new Canadian. But the good news is… we are here to help! There are great programs for new Canadians who want to purchase a home in Canada with as little as 5 per cent down. And we know are well versed on all of the New to Canada program requirements.

Credit History

Your most important consideration is credit history. If you do not have any established credit, you can qualify for a mortgage with three months of employment history and by demonstrating credit worthiness to your lender in other ways:

  • Proof of timely rent payments
  • Bank statements showing pre-authorized payments for 12 months for regular payments such as utilities, telephone, cable, insurance premiums, along with a bank reference letter
  • A credit report from your country of origin

Large Down Payments

Another home ownership hurdle new Canadians have faced is that many financial institutions traditionally have insisted on a down payment of at least 25 to 35 per cent. A large down payment may be difficult for some because they are self-employed and working to establish their own business or unable to access funds from their home country.

The good news is that things are changing. More and more lenders in Canada are offering mortgages tailored to the needs of new Canadians, including those with non-landed status. In many cases, you can get a mortgage with a down payment of as little as five per cent of the value of the property, as long as it comes from your own resources.

We’ll advise you on the paperwork you need to assemble to apply for a mortgage, and then present your financial history to the lender or that can best meet your needs. Contact us today to learn more about how you can qualify for your first home as a new Canadian, with as little as 5 per cent down.