Trusted Tips and Resources

Trusted Tips & Resources

Your Mortgage Now your Trusted Saskatoon Mortgage Experts share a tip on New to Canada and Looking to Buy a Home

Buying a home is one of the most important and exciting steps in your life.... now that pesky financing! Deal with people who can offer you and your family the best options for you with Your Mortgage Now! Devin Cristo and Wes Will are your Saskatoon Mortgage Experts and they have years of experience helping individuals and families finance their dreams by offering mortgages from a variety of lenders for people from all walks of life.

They are your Trusted Saskatoon Mortgage Experts!

Here they share a tip on New to Canada and Looking to Buy a Home:

It’s quite often that we receive calls from prospecting clients who are new to Canada and wish to buy a home for their family. In the mortgage industry, lenders have different programs and will look for different specifications from each client. However; the real power of approval for new immigrant mortgages in Canada is through the mortgage insurers. These insurers are CMHC, Genworth, and Canada Guaranty. Included below are various insurer guidelines. Once we meet their requirements, we are able to obtain the best rates available and terms for your new mortgage.

Summary of the credit and down payment requirements for new immigrant mortgages in Canada:

 

Permanent Residency with 5% down payment:

  • 12 months of bank statements from a Canadian bank account showing regular rental payments and one other payment

OR

  • Credit bureau report from your current country

OR

  • Bank reference letter from your current country (Credit bureau is preferred)
  • Down payment source must be from your own personal savings or investments
  • Income verified via employment letter confirming your position is permanent and your income amount in addition to a recent pay stub.

 

Work Visa with 10% down payment:

  • Bank reference letter from your current country (Credit bureau is preferred)

OR

  • Credit bureau report from your current country
  • Down payment source must be from your own personal savings or investments
  • Income verified via employment letter confirming your position is permanent and your income amount in addition to a recent pay stub.

 

Permanent Residency with 10% down payment:

  • 6 months of bank statements from a Canadian bank account showing regular rental payments and one other payment.

OR

  • Credit bureau report from your current country

OR

  • Bank reference letter from your current country (Credit bureau is preferred)
  • Down payment source must be from your own personal savings or investments
  • Income verified via employment letter confirming your position is permanent and your income amount in addition to a recent pay stub.


We want to work with you and our lenders to ensure you receive the best rates and terms available for your new home purchase. As experts in new immigrant mortgages in Canada, our goal is to ensure your new home purchase is enjoyable, clear, and professional.


 

 

If you have any questions regarding this topic, please give us a all today at (306) 244-7755 or email us devinandwes@yourmortgagenow.ca

 

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129 21st St E #400
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