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Newcomers to Canada mortgage- Let us help you buy your first home in Canada
You have just moved to our country we are sure that you’re liking it very much here and want to settle down, buy a house (that’s why you are visiting our website). However, you don’t know much about the Canadian real estate market and wondering where to start. Well, you don’t need to worry anymore; just get in touch with our team at One Mortgage Group and let us help you close the deal on your dream home. We offer our clients a wide range of Newcomers to Canada mortgage options for any type of house to choose from. Not to mention at highly affordable premium rates. All you have to do just submit all the necessary documents and then wait for us to hand over the keys. We try to keep our turn around time as low as possible. Contact us today and schedule an appointment, you won’t regret it.
As you transition from renter to owner, seeking the advice of a mortgage professional is a smart move that can help make the transition easier. Your One Mortgage Group Professional will help streamline the mortgage process for you, explain the requirements and present you with the options available to you. If you have any questions, we are there for you every step of the way.
Generally, the most important factors for new to Canada financing are credit history, and down-payment.
It is a good idea to start establishing credit in Canada as soon as you can. Not everyone may be where they need to be when they first meet with a Mortgage professional. Your Mortgage professional can take the time to coach you on what you can do to help build your credit. If you do not have established credit, they can show you have built credit by providing specific supporting documentation such as a credit report from your country of origin, proof of rental payments, proof of utility payments, proof of income and others. In terms of the down-payment, a five percent of the purchase price is the minimum although a larger down payment may be required.
If you are a non-resident, a 10% down-payment be be required. It is also important to remember that homes over $500,000 require 10% for every dollar between $500,000 and $999,999. Any mortgage over 1 million dollars will require 20% down payment.
Things you need to do before applying for a Newcomer to Canada mortgage
So, before you go ahead and start mortgage form online, it's better you know about the requirements you must meet to get a good deal on your mortgage.
- First of all, you should be able to pay at least 20% of the total cost of your newly owned property or else you would have to apply for default mortgage insurance. (more on that later). If you can pay that amount then you will be eligible for getting low-interest rates on your mortgage. This means in the long term; you will save more than paying for both the mortgage and mortgage insurance.
- Although a bad credit score doesn’t mean that you won’t be getting a mortgage, it’s advisable that you keep your credit score strong. You can build your credit score by making your credit and utility bill, as well as your loan repayments on time. If you have a consistent source of income that would also help you build a strong credit score.
- The most important thing of all, you must be a permanent resident of the country and must have all the legal documents supporting the same.
To resolve further queries, contact One Mortgage Group; we will be more than happy to help you.
Mortgage insurance
This is a situation when you will have to apply for mortgage insurance when you can’t make a down payment of 20% on the purchase price of your property. It has been made mandatory by the government to ensure that your mortgage payments are made in a timely manner even if you are facing a financial crisis. This way, you won't need to think about penalty payments and concentrate on stabilizing your financial condition. To find out more, give us a call.
Amortization Period
It is the amount of time that you will take to pay off your entire mortgage and generally the maximum time that you would get is 25 years. However, if you do pay the 20% down payment, the amortization period can increase to 30 years and it will also decrease your monthly mortgage payments. Well, in short, what we are trying to say is, if you are new to Canada and looking to purchase an affordable mortgage plan for a property, you can always contact One Mortgage Group for a good deal and a hassle-free transaction.
At One Mortgage Group, our mission is to set a high standard in the mortgage industry. We are committed to quality customer service - putting the people we serve first.
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(O) (416) 816-7283
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202-120 Traders Blvd E,
Mississauga, ON L4Z 2H7
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