New to Canada Mortgage Services
Mortgage Agent in Oakville, Ontario
Welcome to Canada!
If you have been in Canada for less than three years, have landed immigrant status, and have been employed in Canada for a minimum of three months, you can qualify for a mortgage. This lender rule is designed to ensure that you have passed the standard 3 month probationary period with your new employer. Lenders also want to see a history of credit repayment, so make sure that you can provide an international credit report from Equifax or Transunion, or bank references from your country of origin. That way you will strengthen your mortgage application.
Establishing a Canadian credit history is an important step. Applying for a credit card is a good way to start this process. If you’re having trouble with traditional creditors, consider a secured credit card. These are easier to get and here’s how they work: if you are approved for a $1000 limit on a secured card, you pay the creditor $1000 upfront as security, and after demonstrating a period of successful repayment (usually 12 months), you get that money back.
When preparing to apply for a mortgage, the following materials should be assembled:
- Copies of your work permit/landed status papers or passport
- Social insurance number
- Employment letter(s)
- Credit reference(s)
- Documentation of the down payment money source
- Bank statements showing 90 days of account activity