How to Get a Mortgage as a New Immigrant (Vancouver, BC)
If you are a new immigrant to Canada, you may be faced with some unique challenges if you need financing for a home purchase or to build your business.
If you are a non-resident, recently landed immigrant, in Canada on a work permit or a Canadian living abroad you fall under different lending guidelines than a citizen of Canada.
It is important to consult someone like a mortgage broker to sort through all the red tape for you.
We are familiar with the regulations governing lending to new immigrants, non-residents and people in Canada on work permits.
A mortgage broker has experience dealing with new immigrants, non-residents and people here on work permits. We know what mortgage packages are available to you and which lenders to approach.
Your international credit history may not follow you to Canada and you may not be able to provide proper documentation to confirm qualify you for a mortgage.
Canadian financial institution lending departments will, if you can’t prove your credit history, require you to provide different forms of documentation to confirm your credit history. You may have to provide:
• a number of months worth of bank statements to prove your income;
• copies of your utilities bills
• copies of insurance documents;
• a letter from your landlord confirming your rental payments are current;
• bank statements;
• a letter from your employer;
• letters from the bank of your country of origin;
• proper identification; and
• a down payment.
If you are a non-resident and want to invest in real estate, we have lenders who offer mortgages provided you have sufficient equity. You may be a Canadian citizen working and living abroad wanting to purchase property in Canada. We can sort out all the requirements for your mortgage application for you and make the process flow more smoothly and be less stressful.
We have access to lenders who will offer up to 95% financing to someone who is new to Canada with landed status and even if you’re in Canada on a valid work permit and don’t have Permanent Resident status yet, we have lenders that offer mortgage funds in these situations as well.
We can also advise you on the best ways to establish credit in Canada. You may be in a better position after 12 months of paying on a credit card or financing part of a car purchase.
We work for you and in your best interests. We can “shop” your mortgage application to several lenders at the same time. You won’t, in most cases, have to pay our fees and we often have approval the same day or within 24 hours.
A mortgage broker is your best resource person to help you establish credit in Canada and to find you financing at interest rates and terms that you can afford.
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Sincerely,
Kam Brar
BCMortgageHelp.com