Welcome to Canada!
If buying a home is your goal , let's get started with some great mortgage option
New to Canada Insured- 5% down payment*
- 5% down payment from borrower’s own savings - must be verified
- applies to customers who have immigrated to Canada within the last 60 months
- do not have established Canadian Credit Bureau history
- 3 months' minimum fulltime employment in Canada
- Confirmation of Landed Immigrant Status (Permanent Residency Card)
- This policy applies to customers who have immigrated to Canada within the last 60 months, and who cannot provide confirmation of income
- 35% down payment required
- demonstrate the equivalent of 12 months principal, interest and taxes in liquid savings in Canada (in addition to the 35% down payment)
- full appraisal required
- Must be resident of Canada with Landed Immigrant / Permanent Resident Status or confirm application for Permanent Resident Status has been received by Immigration Canada.
- Must be Landed Immigrant/ Permanent Resident no more than 5 years
- Applicants under these guidelines do not reside in Canada.
- Confirmation and verification of the customer’s identity is required completed with the customer present no out of country signing of the Mortgage Loan Agreement is not permitted.
- 35% down payment from own resources which can include gifts
- Appraisal Required
- Amortization 25 years
- credit bureau from country of origin will be required/or 6 months credit history ? income confirmation is required
*lender policies subject to change without notice
Rent vs. Buy (Canadian)
Should you rent or should you buy your home? It takes more than looking at your mortgage payment to answer this question. The first steps in buying a house are ensuring you can afford to place at least 5% of the purchase price of the home as a down payment and determining your budget. This calculator helps you weed through the fees, taxes and monthly payments to help you make a good financial decision.