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New to Canada
A mortgage program for permanent or temporary residents (who can show confirmation that they have already applied for permanent residency) and have:
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immigrated or landed less than 5 years ago (note you need to take possession of the home BEFORE this 5yr mark)
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is working full time
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qualifies under standard lender and mortgage insurer guidelines, other than in the area of credit (see below). For more information on the approval process please click here.
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What About my Credit?
I haven't been able to establish much for credit, if any at all, can I still apply?
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Yes. We can then use what is called "alternate credit" where we get a confirmation of your payment history via: letter from insurance co, telus, shaw, epcor, landlord... and/or bank statements to show your regular payments. Sometimes we are able to pull a credit report from the country of origin (most commonly attainable if from USA).
As a standard in Canada and after your 5yr mark, the credit advised to have for a mortgage is:
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2 pieces of active credit
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that credit in place for 2 yrs
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min $2,500 limits
What do I need to know?
What do I need for down payment on a home?
5% down for home under $500,000.
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The Costs
​There are standard closing costs inherit with any property transaction. The mortgage lender will request to see you have .50% to 1% of the purchase price ready to cover closing costs. Most times, 1% is much too high for what we actually pay in Alberta (other parts of Canada pay a lot more). You don't give this money to the lender, you just need to show you have it.
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I would love to help.