Mortgages for individuals new to Canada aim to assist newcomers in understanding the Canadian real estate market along with associated costs such as closing costs and adjustment costs. Through these mortgages, newcomers can build equity instead of paying rent, benefiting from employment and credit sources. Additionally, these mortgages provide access to the best rates and options for those seeking higher loan amounts, with a minimum down payment requirement of 20% for amounts over $1 million. However, there is also flexibility with the down payment, allowing for as little as 5% down. Homebuyer incentive programs and down payment assistance options are also explained to potential borrowers. With access to top lenders in Canada, including banks, mortgage finance companies, credit unions, and alternative financers, tailored mortgage products can be designed to fit individual needs and lock in the best rate, even for those with limited credit and employment history. Innovative tools are also available to ensure a smooth first-time home buying experience.