Getting A Mortgage If You're New To Canada

Newcomers to Canada who are buying a home can apply for insured financing through Sagan and CMHC. Permanent residents are eligible for all financing insured by these companies, while non-permanent residents require a 10% down payment. Those with little credit or a credit card can still apply on a case-by-case basis. Newcomers can still qualify for competitive interest rates. The "New to Canada Mortgage Programs" make it easier for new immigrants to buy a home in Canada. Contact us to learn more about the mortgage approval process for newcomers.

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Criteria Required To Qualify For New To Canada Mortgage

If you've been turned down by a big bank for a mortgage, our access to many lenders who use mortgage default insurance can help approve newcomers for financing at competitive interest rates. Sagan and CMHC offer a program for those in Canada for less than 5 years with a work visa, landed immigrant status, secure employment, and credit history in Canada. A minimum down payment of 5% of the purchase price is required, and the maximum mortgage amortization period is 25 years. Non-permanent residents can still apply under the "New to Canada Program" if they arrived within the last five years and are not yet permanent residents. We can help you make sense of your application and find the best option for you.

Building Your Credit When You're New To Canada

To improve your credit history in Canada and increase your chances of getting approved for a mortgage, consider applying for a major credit card or obtaining a prepaid one, making payments on time and staying below your credit limit. Getting a loan, paying rent, utilities, and cell phone bills on time can also help. When applying under the "New to Canada" program, additional documentation may be requested to strengthen your application, such as an employment letter or work contract, rental history and recent bank statements, hydro/utilities bills, confirmation of permanent residency application, and a credit report from your country of origin.​ ​ 

New to Canada? No Problem! Discover Your Options for a Minimum Down Payment on Your Dream Home Today

The minimum down payment required in Canada is 5%, but it's recommended to put at least 20% down to avoid high ratio mortgage insurance. This insurance is added to your total loan amount and amortized over the life of your mortgage, increasing your mortgage payments.​