Mortgages for People New to Canada provide assistance for newcomers in understanding the Canadian real estate market and associated costs, such as closing costs and adjustment costs. The program aims to help individuals build equity instead of paying rent, taking advantage of employment and credit sources. For those looking to borrow higher loan amounts (over $1 million), there is the option to save at least 20% for a down payment, or have more flexibility with a down payment as low as 5%. The program also offers information on homebuyer incentive programs and down payment assistance options. With access to a wide range of lenders, including banks, mortgage finance companies, credit unions, and alternative financers, a customized mortgage can be designed to meet individual needs and secure the best rate. Innovative tools are available for an efficient first-time home buying experience in Canada.