In the past, immigrants to Canada have largely chosen the larger metropolitan cities of Toronto and Montreal to call their home. In recent years, however, a shift has occurred and Alberta appears to be just as popular as its eastern provincial counterparts. Here at Source Mortgage, we recognize that coming to a brand-new country can be full of struggles. That’s why we want to help. Introducing our New to Canada Program!
What Is It?
Our New to Canada program is designed specifically for newcomers who want to purchase a home. We offer similar rates to a regular mortgage. For those with permanent residency, the program requires 5% down minimum. Those with a valid work permit with a minimum of one year left are also eligible with 10% down.
How Does It Work?
This product works in a similar way to a regular mortgage. You will be required to produce a job letter, recent pay stubs, and proof of down payment. In addition to these documents, we will review your residency status, proof of valid working permit, and some form of credit verification. The latter of these can be in the form of rent or utilities, for example. Set aside at least 1% of your purchase price for closing costs.
Why Is It Helpful to New Canadians?
Those who have recently arrived in Canada have not had the time to establish roots. They haven’t had years to build their credit or a lengthy Canadian resume. Our New to Canada program allows individuals with a limited credit and employment history to purchase a home and fully make Canada their home.
If you are new to Canada and are looking at purchasing a home, Source Mortgage is here for you. We can help make your dreams become a reality, so that your family can be proud Canadians for generations to come. Contact us today for a consultation!