New to Canada Mortgages

• Our big bank lending partners offer what’s called a New to Canada mortgage program that provides individuals and families the opportunity to buy a home in Canada the non-traditional way.
• We understand that you may have a lack of Canadian employment history and/or an unestablished Canadian credit history, otherwise making it difficult to qualify for a mortgage.
• If you’re a newcomer to Canada, you will have more lenient guidelines than borrowers with established Canadian credit.
• If you’re a new Canadian with a permanent residency or non-permanent residency status looking to purchase your new home, but just don’t qualify the traditional way, our New to Canada program might just be for you!

Yes, you will be required to have a minimum of 3 months of full-time Canadian employment status to qualify.

• Our New to Canada program is available for up to five years after you arrive in Canada and only requires a minimum of three months of full-time Canadian employment status to qualify.
• You will need to provide proof of your permanent residency, work visa, or landed immigrant status.
• With a down payment of less than 20%, the New to Canada program will be restricted to owner-occupied purchases only.
• A minimum period of residency is not required.
• There are no additional fees to this program, only a simple easy solution to helping you finance your new home.

1. The first step is to reach out to one of our trusted mortgage advisors for your free, no obligation discovery call.

• During your discovery call, we discuss your unique financial situation, your property objectives, your borrowing capacity, detail the steps in the home buying process, and advise on any hurdles you may encounter to help pave the way for a smooth home buying experience.
• This initial step provides clarity to common questions or concerns. We even go through some what-if calculations and scenarios to help ensure you have a strong understanding of your options. A personalized detailed action plan is then prepared, giving you the confidence needed to move forward with certainty.

2. The second step would be to collect a formal mortgage application, credit consent form, and a checklist of lender required documents in which you can safely upload into your mortgage portal. Once complete, the heavy lifting on your end is done and we will proceed with setting up your new pre-approval.

3. The third step is to work with a trusted real estate agent to help you find your new dream home. With a strong understanding of how much you can borrow, the fun part begins as you are now ready to start your home search.

Eligibility for New to Canada Mortgages typically requires proof of landed immigrant status, a valid work permit, or permanent residency status in Canada. Lenders also consider factors such as your credit history from your home country, income stability, and sufficient funds for a down payment. Each lender may have slightly different criteria, so discussing your specific situation with a mortgage advisor at Boychuk Mortgage Group is essential.

• All three Canadian default insurance companies, including CMHC, Sagen, and Canada Guaranty, provide their own unique New to Canada Mortgage programs giving all Canadian newcomers the mortgage solutions you’re looking for.
• With a permanent residency status, the minimum down payment is 5%.
• If you have a landed immigrant or work visa status, this falls into the Temporary Residence Mortgage program and requires a minimum down payment of 10%.
• If you have more than 20% down, there are additional mortgage solutions available on a lender-by-lender basis.

Our New to Canada program is a wonderful program that allows you to qualify for a new home the non-traditional way. Traditionally, a mortgage applicant would need to have two years of history with the Canadian credit bureau showing two trade method of credit. As a new Canadian, you may qualify by providing one or more of the following credit resources:

• A letter from your landlord or your tenant agreement confirming your name, move in date, monthly rent amount, any amenities included and proof of payment history for the past 12 months.
• 12 month history of any two utility bills showing your ability to make payments.
• 12 months history of bank statements showing your ability to make rent and utility bill payments.
• A letter of reference from your financial institution in the country of origin confirming a minimum 6 months satisfactory banking relationship.
• 6 months of 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 of 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 Canadian or international credit bureau showing your credit history and your ability to make payments on time.

The purpose of credit statements is to show your ability to pay your bills on time, therefore forming an alternative solution to helping you get into the home of your dreams.

To apply for a New to Canada Mortgage, you typically need to provide several documents, including:

• Proof of income: It can include pay stubs, employment contracts, or tax returns.
• Proof of immigration status: A permanent residency card, work permit, or confirmation of permanent residence (COPR).
• Credit history: If available, documents showing your credit history from your home country may be beneficial.
• Down payment verification: Proof of where your down payment funds are coming from, such as savings statements.

It's essential to work closely with Boychuk Mortgage Group to ensure you have all the necessary documentation and that it meets the requirements of your chosen lender.

Starting the application process for a New to Canada Mortgage is straightforward with Boychuk Mortgage Group. Begin by scheduling a consultation with one of our experienced mortgage advisors. During the consultation, we will discuss your homeownership goals, assess your eligibility for different mortgage options, and guide you through the entire application process.

Our team will help you understand the mortgage products available to newcomers, assist with gathering required documentation, and facilitate communication with lenders on your behalf. We are committed to making your transition to homeownership in Canada as smooth and stress-free as possible, providing ongoing support until you receive the keys to your new home.

Beyond the basic eligibility requirements and documentation, newcomers should consider other factors that may impact their mortgage application and homeownership journey in Canada. These include:

• Currency exchange and income stability: Ensure your income is stable and sufficient to cover mortgage payments, taking into account any currency exchange rates if you receive income from abroad.
• Understanding Canadian mortgage terms: Familiarise yourself with terms such as amortisation periods, fixed versus variable interest rates, and mortgage insurance requirements.
• Costs of homeownership: Aside from the mortgage payments, consider additional costs such as property taxes, home insurance, maintenance, and utilities.
• Building a credit history: Start building a Canadian credit history by responsibly using credit cards or other financial products available to newcomers.
• Future plans: Consider your long-term plans in Canada, such as potential job changes or family growth, and how they may impact your housing needs.