Mortgages for Newcomers to Canada

Yes, potentially. Mortgage options may be available to eligible newcomers depending on factors such as residency status, employment, income, credit history, down payment and the property being purchased.

Not necessarily. If you haven't been in Canada long enough to establish a traditional Canadian credit history, some lenders and mortgage programs may consider other ways of demonstrating your financial history.

Potentially. Some temporary residents who are legally authorized to work in Canada may have mortgage options available. Eligibility and documentation requirements depend on your individual circumstances and the lender or mortgage-insurance program.

Being new to Canada doesn't automatically mean you need a 20% down payment. Eligible borrowers may be able to purchase an owner-occupied home with a minimum down payment starting at 5%, subject to qualification, purchase price and applicable mortgage-insurance requirements.

There isn't one waiting period that applies to every newcomer mortgage application. Your options depend on factors such as your residency status, employment, income, credit history and the mortgage program you're eligible for.

Your employment and income will be important parts of your mortgage application. The type of employment, how long you've been employed and the documentation required can vary depending on your circumstances and the lender.

Potentially, but the source of your down payment will need to be properly documented and meet the lender's requirements. If funds are being transferred from outside Canada, it's a good idea to discuss this with us early so you know what records to keep.

Yes, it's a good idea to have your financing reviewed before you begin making offers. A pre-approval can help you understand what you may qualify for, your potential payments and any documentation or financing issues that should be addressed before you find a property.