Mortgages for newcomers to Canada are available to help them understand the real estate market and associated costs, such as closing costs and adjustment costs. These mortgages allow newcomers to build equity instead of paying rent, taking advantage of employment and credit sources. For those looking for higher loan amounts, over $1 million, a down payment of at least 20% is required, but there is also flexibility with a down payment as little as 5%. Homebuyer incentive programs and down payment assistance options will be explained. Access to various lenders, including banks, mortgage finance companies, credit unions, and alternative financers, allows for a customized mortgage solution that locks in at the best rate, even if the applicant doesn't qualify at their own bank due to limited credit or employment history. Innovative tools are also available in Canada to ensure an efficient first-time home buying experience.