If you have just moved to Canada, you may be in need of a new home. Canada is very accepting of immigrants, whether you have applied or been given immigrant status, are a non-landed immigrant working in the country, or on a work visa you can qualify for a Canadian mortgage. All you have to do is have a three month work history in the country. But how does this process work?
What You Need
If you are looking to purchase a new home in Canada, mortgage lenders will require certain documentation. You will need to supply a letter from your employer along with a recent pay stub. Twelve months of bank statements will need to be produced from a financial institution that is recognized by Canada. Mortgage lenders in Ontario will want to see that you can prove your income. Once you have your documentation in place, a mortgage broker will be happy to assist you with the mortgage process.
Buying in a New Country
When you are looking for a home in a new country, you may be unsure as to what exactly you need or what to expect. As a new immigrant, you may feel vulnerable about the process and may be unsure how the mortgage system works. Working with a reputable mortgage broker will help to ease your stress as well as show you just how the process works.
To begin, you will want to be pre-approved for a new home mortgage. This means that the broker will take your personal information such as credit score, debt to income ratio, etc. and determine how much you can afford to take out in a home mortgage. If you are approved for $250,000, then your home search would need to stay below that mark. Having a range is very helpful as you begin to search for the type of home you desire for you and your family.
Once you are pre-approved, you know exactly what price point to look in during your home search. You will be ready to make an offer and quickly close the deal, becoming that much closer to owning a new home. This will help to cut down on the search process as you will not be looking in a price range that is unaffordable.
At Mortgage Guys, we want to make the process of finding your first home in Canada enjoyable. It can be overwhelming moving to a new country and our brokers know how to ease your stress and worry. We can help you through the mortgage process, obtaining the proper documentation and working on pre approval so you can find the home of your dreams. Contact our office today to begin your search or to learn more about mortgage options in Canada.