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Red Deer New to Canada Mortgages

New to Canada and Seeking a Mortgage? We can help!

New to Canada and Seeking a Mortgage? I Can Help!
Have you immigrated or relocated to Canada within the past five years? I have access to some great new to Canada home loan options.
You may even be eligible under a New to Canada Program to purchase a property with as little as a 5% down payment.
If the property value is below $500,000, you can make a purchase for just 5% down. If, however, you’re buying a more expensive home – up to a million dollars – you’ll be required to pay 5% down up to $500,000, with an additional 10% down payment on the portion of the home value above $500,000.
Standard considerations
In order to qualify under a New to Canada Program, there are a number of things we’ll have to review to ensure this mortgage product is the right solution for you.
When it comes to income and employment, you must have a minimum of three months full-time employment in Canada. But, if you’re being transferred under a corporate relocation program, you’re exempt from this rule.
And, depending on how much you intend to borrow for your mortgage in relation to the total cost of the property – your loan to value (LTV) – you must also provide specific credit documentation. Here are the typical credit requirements:
  1. Borrowing 90.01-95% LTV
    a. International credit report (Equifax or TransUnion) demonstrating a strong credit profile OR 
    b. Two alternative sources of credit demonstrating timely payments (no arrears) for the past 12 months. The two alternative sources required are: Rental payment history plus one other alternative source (hydro/utilities, telephone, cable, cell phone and auto insurance) 
  2. Up to 90% LTV
    a. Letter of reference from a recognized financial institution OR
    b. Six months of bank statements from a primary account 
When considering your down payment options, you may use traditional sources including personal savings, a non-repayable gift from an immediate family member(s) and proceeds from the sale of your property. 
If you’re borrowing 95% of your purchase price, the down payment must be from your own resources. But, if you’re borrowing less than 95%, anything above the first 5% of the down payment may be gifted from an immediate family member or come in via a corporate subsidy.
Are you new to Canada and have questions about your Red Deer mortgage options? Do you want us to get a pre-approval in place with best mortgage rates? Answers are a call or email away! Call Brandi Pierik, Dominion Lending Centres at 403-588-8657 or apply now for your Red Deer Home Loan at www.wehaveamortgageforthat.com

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