New to Canada Mortgage in Orleans

The mortgage brokers at Borrowing Made Simple offer specialized services and advice for newcomers to Canada. Our brokers can help locate specialized incentives and options for new immigrants and permanent residents in their search for the perfect mortgage. We assist with the search and application process, streamlining the path to homeownership.

To schedule a mortgage consultation, contact one of our representatives today at (343) 763-2019.

Can a Permanent Resident Get a Mortgage in Canada?

In Canada, permanent residency requires having spent two years in this country in addition to meeting several other requirements. A permanent resident is able to get a mortgage provided they meet the qualifications set by the mortgage lender.  

If you are awaiting citizenship or permanent residency, many lenders accept work permits as alternatives to permanent residency or citizenship. Eligibility may vary among lenders, but what doesn’t vary is Borrowing Made Simple’s dedication to finding you the best rates, terms, and conditions for your very first mortgage in Canada. Call today to schedule your no-obligation consultation.

Who Is Considered a Newcomer to Canada?

Generally, newcomers are considered to be those who have been in Canada for at least three months. Those who have been here for more than 60 months (five years) are no longer considered newcomers. Our brokers will help determine your eligibility for newcomer incentives during your first appointment.

Can You Buy a House Without Extensive Credit or Employment History?

Yes. While good credit and employment histories will likely lead to more options when it comes to mortgages, they aren’t always necessary.

Lenders are aware of the fact that individuals and families new to Canada haven’t had a long time to build credit histories and a sufficient employment record. Good credit from other countries is transferable in many cases.

If you meet the other eligibility requirements outlined in mortgage specifications, your chances of qualifying for a mortgage will still be high.

How Can a Mortgage Broker Help Me?

Our mortgage brokers can help you in a number of ways. For one, we offer impartial advice and recommendations tailored to your needs. We’ll show you through options for numerous lenders and products and will also assist with the mortgage application process. We’ll make this process easier and faster, keeping you informed every step of the way.

Regardless of your situation or citizenship status, we have the expertise you need.

What Incentives Are Available to Canadian Newcomers?

Many Canadian lenders offer mortgage options geared specifically towards the needs of newcomers.

You may qualify for a mortgage with a competitive interest rate and as little as 5% down. Generally, you’ll have to meet criteria, such as the following:

  • Proof of employment
  • Proof of income
  • Sufficient work history in this country (usually three months)
  • Collective debts, both in Canada and your native country
  • Debt-to-income ratio of less than 40%
  • Ability to pay down payment, closing fees, and other housing-related expenses

After evaluating your situation, your broker will be able to point you in the direction of the best mortgage products and plans for your needs.

Contact us today to request more information.

The Best New to Canada Mortgage Brokers

Borrowing Made Simple provides individuals and families new to Canada with outstanding mortgage services throughout the Orleans area. Contact our brokerage today to get started.

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