BC Mortgages for New Immigrants

We’re always happy to provide BC Mortgages for New Immigrants to Canada

BC Mortgages for New Immigrants is specifically designed to make the purchase of a home as easy as possible for new immigrants. It is possible to finance the purchase of a home without citizenship, or even a long credit history in Canada. Fortunately there are several options available to make a purchase possible.

New Immigrant Down Payment

Down payments can be as small as 5% of the total value of the home. Of course smaller down payments require better credit histories and larger incomes. Small down payments also require greater amounts of documentation to satisfy the banks.

Canadian Credit Requirements

Credit in Canada is not mandatory in order to obtain a mortgage, but a solid record in Canada helps to make the process easier. Anyone looking at BC Mortgages for New Immigrants should try to meet the Canadian Credit Requirements. For applicants who wish to make down payments that are below 10% of the property’s total value, an international credit report is required. Those reports are most readily available for immigrants arriving from the United States or the United Kingdom; contact a financial institution in your previous country of residence for details on obtaining a credit report from that country.

Applicants who intend of making a down payment that exceeds 10% of the property’s value require less documentation: two forms of credit reference either from your bank or credit card company.

Required Mortgage Documents

The other documentation that will be required in the mortgage process will include: copies of your work permit or landed status papers, passports and social insurance number, employment letter from your Canadian employer and Canadian bank account showing transfer of funds into Canada.

New Immigrant Qualifications

People who can prove good credit from their country of origin are eligible to receive the same low rates that Canadian citizens with good credit are eligible for. The exact rate available will be based on a combination of your credit history and income level.

Similarly, the products that new immigrants can qualify for are the same as those available for citizens. Amortization periods can range up to and including 35 years. Interest rates can be either fixed for terms, or variable.

Establishing Canadian Credit

The best way to start of a solid Canadian credit history is by obtaining a secure credit card. Banks will require that you deposit an amount equivalent to the limit on the card. If you make regular payments on the card and stay within your limit, the bank will typically return the deposited amount after one year.

Within the first year, it is possible to obtain department store credit cards once the secure card is established. Outlets including The Bay, Sears and Home Depot will often issue low-limit cards to people with little or no credit. Be careful though, these cards come with very high interest rates. Be sure to pay off the card every month in order to avoid paying large amounts of interest.

How Do I Get Started?

The best first step is to talk to an experienced, licensed professional. We have helped many new immigrants get started in the Canadian real estate market click Contact Us to speak with a broker or click Apply Now to receive a free quote.