New to Canada Mortgage Financing in Edmonton, AB

If you are a new immigrant to Canada, it may be difficult to get settled in a new country, and even more difficult to secure a Canadian mortgage. Luckily, in most cases, your recent arrival should not penalize you. You will still be able to borrow at competitive market rates. There are some basic guidelines and unique financing options available for people in three general situations. Individuals on work visas and landed immigrants, those with a Permanent Residency that are employed. Non-landed immigrants who are employed. New immigrants who have not yet secured a job but have applied for, or have been granted, landed immigrant status or permanent residency.

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Establishing Credit in Edmonton, AB

New to Canada clients must be employed for a minimum of three months before they are eligible to apply for a mortgage. This excludes corporate transfers as part of a relocation program. This rule ensures that employees have passed the standard three-month probationary period with their employer. Lenders will also want to see a history of credit repayment. If you can provide an international credit report from Equifax or Transunion, you will have a much stronger mortgage application.

Establishing a Canadian credit history is another important step… and applying for a credit card is the perfect start. You may want to consider a secured credit card if you’re having trouble with traditional creditors. These cards are easier to acquire and work off of a sort of prepayment method. For example, if you are approved for a $1,000 limit on a secured card, you pay the creditor $1,000 upfront as security. After demonstrating that you are able to fulfill your repayment obligations for a year, the initial deposit is returned to you.

the reviews

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Thanks so much Eva for all you do and making our dreams come true!

Eva was absolutely amazing and worked so hard to find the best solution for our family. She responded immediately to all our emails , requests and questions. If we didn't have Eva, we would never be able to accomplish what we have. Thanks so much Eva for all you do and making our dreams come true!

Eva made my whole mortgage process very easy and stress-free.

Working with Eva at Mortgage Tailors was great. Eva was there to support me throughout the process and was very helpful and knowledgeable with any questions that I had. Eva made my whole mortgage process very easy and stress-free.

Communication was great, nothing was too much trouble.

Excellent! I can't speak highly enough of Eva. She went to great lengths to organize our mortgage, and we felt supported by her at every stage of a complex process. Communication was great, nothing was too much trouble. Highly recommended.

She was very diligent and went above and beyond to ensure all of our mortgage needs were met.

Eva was great to work with. She was very quick to respond to any of our questions and concerns. She was very diligent and went above and beyond to ensure all of our mortgage needs were met. Would definitely recommend!

Individuals on Work Visas and Employed Landed Immigrants

Employed Non-Landed Immigrants

Non-landed immigrants that are employed for at least three months and can meet the same credit guidelines listed above can qualify for up to 90% financing. Despite this, individuals in this category are limited to purchase transactions (no refinancing) and to single-unit primary residences. The lender may also want to confirm that you have applied for landed status.

Unemployed Immigrants without Landed Immigrant Status

New immigrants to Canada who have not yet acquired landed status and are not employed can borrow between 65% to 75% of the value of a property. However, this is only if they can provide a strong credit repayment history from their country of origin. In addition to the larger down payment, those needing 65% financing must also show liquid assets equal to six months of their mortgage principal, interest, and property taxes. Individuals wanting 75% financing must show additional liquid assets equal to 25% of the desired property’s purchase price.

Get in touch with a professional mortgage broker in edmonton

If you are New to Canada and wish to apply for a mortgage, make sure that you get in touch with an experienced mortgage professional. It is common for new immigrants to assume that the individual assisting them has their best interest in mind since they might be from the same country of origin, however, this can be a large mistake. Always shop around and make sure to use an experienced mortgage professional that truly wants what is best for you. Your first experience with a Canadian mortgage should be a positive one!

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