New To Canada Mortgages By Vic Lehan & Associates
Are you struggling to find a mortgage to buy your first home as a new Canadian citizen? If you are, you'll be glad to know that you don't have to anymore! The Government of Canada has a special mortgage plan designed to help new Canadians own houses and settle into the country. That's right, the government sponsors mortgages for new Canadians to make it easier for them to apply for a mortgage and purchase their first home in Canada!
The 'New To Canada Mortgage' is exclusively launched for new Canadians. It simplifies the mortgage application process for newcomers to apply without the restrictions that come along with standard mortgages. Moreover, through this program, applicants can purchase real estate with as little as five percent down payment. That means, qualified homebuyers receive a 95% loan-to-value mortgage just like citizens.
The 'New To Canada Mortgage offers mortgage benefits that aren't offered in a standard mortgage. Also, there are no costs involved to obtain or use this mortgage other than the same as a regular mortgage.
How can New Canadians apply
To qualify for a ‘New To Canada Mortgage,' borrowers should be permanent residents of Canada for less than five years. As a borrower, you must be able to provide proof of full-time employment in Canada for at least three months, and your down payment must come from your own savings for at least 5%. Plus the main applicant is required to have some credit showing on the credit bureau.
You must also have a regular Social Insurance Number. That is one that doesn't start with "9".
Besides these requirements, applicants are required to submit a copy of the purchase and sale agreement, proof of employment, and proof of downpayment. All of these copies must be part of the mortgage application and submitted for verification.
If you've recently moved to Canada and obtained permanent resident status this is a great program to support your settlement plans. To learn more about the 'New To Canada Mortgage,' reach out to Vic Lehan & Associates at (519) 326-6410 or www.viclehan.ca
As licensed mortgage agents in Leamington, ON, we are experienced in a range of mortgages and aim to match you with the right solution for your situation. As no two mortgages are the same we make sure to search through our many lenders to get you the best mortgage.
Remember we don't keep bankers hours, so you can feel free to connect with us at any time.
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