If you are newcomer to Canada, you are eligible to purchase a home. People who have immigrated to Canada within the last five years and have received confirmation of Permanent Residence from Immigration, Refugees, and Citizenship Canada (IRCC), do qualify.
We understand that newcomers have unique housing needs, and we’ll make sure that you get the ideal home and that is tailored according to your needs.
We have helped many new Canadians purchase their first homes and settle in to their new Northwest Brampton community.
The first thing which makes you eligible for qualifying for a mortgage is building your credit. If you have a strong credit score, then you won’t only qualify for a mortgage, but many A-Level lenders will be willing to lend you the funds at best possible interest rate. The mortgage rate is the one thing that directly impacts your finances for a long time. Therefore, even the smallest decrease in the interest rate can save you thousands of dollars over the period of your mortgage.
- A quick way to build a credit score is that you apply for a small loan from the bank and pay it off timely
- Use credit cards regularly but make sure that you pay off your full balance every month.
- Being employed helps - maintain a consistent source of income and work with the same employer for as long as possible.
- Your bills need to be paid in full without any missed payments for utilities, rent and any other services that you need.
You don’t need to worry if you don’t have a credit history of Canada; Commonwealth credit ratings with the United Kingdom, United States or Australia can also be used in Canada. Most lenders will consider this information while accessing your credit score. But if you don’t have a steady Canadian credit history, then you will need a few additional documents.
- Proof of income
- Landed immigrant status or a valid work permit or
- Several months of bank statements
- Proof of 12 months of rental payments and/or a confirmation letter from a landlord
- Timely payments towards insurance, telecommunications, utilities, etc. and/or confirmation letter from the service provider(s)
- Documented regular savings for at least a year
- An international credit report
Credit rating isn’t the only thing you’ll need to purchase a home in Canada; you will also need a down payment. You will have to pay at least 5% of the price of your home.
People with permanent resident status will need a minimum of 5% towards their down payments, and a non-permanent resident will need a minimum of 10%. We believe that every new Canadian should know basic information such as this as it pertains to home ownership.
We are multilingual. We can help you relocate your family to Northwest Brampton seamlessly. We will be by your side every step of the way. From connecting you with lenders to finding and closing your dream home.
