Mortgages for newcomers to Canada help individuals understand the real estate market and associated costs, such as closing and adjustment costs, while allowing them to build equity rather than renting. These mortgage options cater to those seeking higher loan amounts, with flexibility on down payments ranging from 5% to 20% depending on the amount borrowed. With access to various lenders, including major banks, credit unions, and alternative financers, tailored mortgage products can be designed to fit specific needs, even for those with limited credit or employment history. Additionally, homebuyer incentive programs and down payment assistance options can be explained, ensuring a smooth and efficient first-time home buying experience.