I Don’t Have Any Established Credit, How Do I Qualify?
Author: Boychuk Mortgage Group |
Our non-residence mortgage program allows you to confirm your credit worthiness in a variety of ways. As a pose to the traditional requirement of the Canadian credit bureau, a non-resident may qualify by providing one or more of the following credit resources:
A Canadian and/or international credit bureau showing your credit history and your ability to make payments on time.
6 months verifiable bank statements from a recognized Canadian financial institution or from a financial institution in the country of origin showing your ability to pay down debts.
6 months verifiable credit card statements from a recognized Canadian financial institution or from a financial institution in the country of origin showing your ability to pay down debts.
A letter of reference from your financial institution in the country of origin confirming a minimum 6 months satisfactory banking relationship.
The purpose of these credit statements are to show your ability to pay your debts on time, forming an alternative solution to helping you get into the home of your dreams.