Mortgages for People New to Canada involve providing assistance to newcomers in understanding the Canadian real estate market and the associated costs that come with it. This includes helping them navigate through the closing costs and adjustment costs that may arise during the purchasing process. The goal is to educate newcomers on these aspects so that they can make informed decisions when it comes to their real estate investments.
By opting for a mortgage instead of renting, newcomers have the opportunity to build equity and benefit from their employment and credit sources. This means that instead of paying rent, they can invest their money into their own property and potentially see a return on their investment in the future.
For newcomers who are looking for higher loan amounts, such as those over $1 million, there are mortgage options available that require a minimum down payment of 20% saved. However, there is also flexibility for those who may not have saved up that much, as there are options available with as little as a 5% down payment. These options can be explored further and we can provide assistance in finding the best rates for these situations.
Additionally, we can also explain the various homebuyer incentive programs and down payment assistance options that are available to newcomers. This way, they can take advantage of any assistance that may be provided to them as they navigate through the buying process.
Through our access to all of Canada's top lenders, including large banks, mortgage finance companies, credit unions, and alternative financers, we are able to design a custom-tailored mortgage product that suits the individual needs of newcomers. This is particularly beneficial for those who may not qualify for a mortgage through their bank due to limited credit history or employment history.
Furthermore, we offer access to innovative tools in Canada that can make the first-time home buying experience more efficient. These tools can provide newcomers with the necessary information and resources to make informed decisions throughout the process, ensuring a smoother transition into the Canadian real estate market.