Mortgages for newcomers to Canada are available to help them understand the Canadian real estate market and the associated costs. This includes providing information on closing costs and adjustment costs. By opting for a mortgage, newcomers can build equity instead of paying rent, which allows them to benefit from employment and credit sources. Additionally, newcomers can find the best rates and mortgage options for higher loan amounts, such as those over $1 million, with a minimum down payment of 20%. There is also flexibility on the down payment, with the possibility of as little as 5% down. Homebuyer incentive programs and down payment assistance options are explained as well. With access to a variety of lenders, including banks, mortgage finance companies, credit unions, and alternative financers, a custom-tailored mortgage solution can be designed to meet individual needs. This can be done at the best possible rate, even if there are limitations in credit and employment history that make it difficult to qualify at a traditional bank. Additionally, there are innovative tools available in Canada to ensure an efficient first-time home buying experience.