Mortgages for newcomers in Canada aim to assist them in understanding the country's real estate market, including associated costs such as closing costs and adjustment costs. By opting for a mortgage, newcomers can build equity instead of paying rent, benefiting from employment and credit sources. These mortgages provide options for higher loan amounts (over $1 million) with a minimum 20% down payment saved, and even more flexibility on down payments with as little as 5% down. The program also educates newcomers about homebuyer incentive programs and down payment assistance options. Regardless of limited credit or employment history, mortgage options from various lenders, including banks, mortgage finance companies, credit unions, and alternative financers, can be customized to meet individual needs and secure the best rates. In addition, innovative tools are made available to streamline the first-time home buying experience.