There are a lot of options for financing with the “New To Canada” Mortgage Program
In order for someone to qualify for this program, one does not need to be a Canadian citizen or have a permanent residency set in Canada. You’ll only need for this mortgage program is a work permit with at least 6 months remaining on the permit.
The minimum down payment is only 5% but it must come from your own savings. It cannot be gifted or borrowed. You must also show that this 5% is accumulating in a Canadian or overseas account for 90 days.
Also, interest rate in this program is the same for everyone else. Best interest rates for everybody.
Credit is a factor for any mortgage program. If a person doesn’t have enough credit history or no credit history then there are alternate credit sources that can be provided such as a landlord letter that the person has been renting for the last 12 months with some bank statement history along with utility bills.
Make sure that you are preapproved and locked in for your mortgage because of the advantage of no drawbacks. If rates go up you are guaranteed to get the rates that have been locked in, if rates go down then you’ll get the lower of the interest rates.
It’s never too early to talk to your mortgage broker to get you into the “New To Canada” mortgage program. Because if there are complications with the process like credit history or down payments there will be time to build an action plan so that you can get to your home sooner than later.
The sooner you buy the better your mortgage rate is going to be.
Come and follow the team on Twitter at @teamleadingedge. Make sure to subscribe to Team Leading Edge to get newsletters on the Edmonton Real Estate market.
Note: Remember, you can access all our available Homes For Sale in Edmonton through our Edmonton MLS Listings page.
Subscribe and get the daily news, updates and latest trends in Edmonton real estate.