New to Canada Mortgages Ontario

New To Canada Mortgages in Ontario makes it possible for individuals relocating to Canada to purchase a home sooner with as little as 5% down.Through this program, We help new Canadians purchase their first home, build equity, and become economically established in Canada.Financing is available to borrowers with permanent and non-permanent residence status and where there is limited Canadian credit history and where foreign credit bureaus may not be available.

Two options for New to Canada Mortgages in Ontario

  • Min 5% Downpayment – Ideally for New Canadians who have gained employment.
  • 35% Downpayment –  For New Canadians who don’t have employment.

Read below all the requirements and how to qualify.

new to canada mortgages ontario

Min 5% Downpayment – New to Canada Mortgage

Overview – For New Canadians, who have gained employment.

Requirements

  • Less than 5 years in Canada.
  • Min 3 months, Full Time employed. (borrowers being transferred under a corporate relocation program are exempt).
  • For 95% LTV, 5% must be borrower’s own resources, the remainder may be gifted from an immediate family member.
  • Valid work permit or copy of landed immigrant status

Additional Documentation

Since most newcomers to Canada have little or no credit history, we use alternate ways to demonstrate repayment history.

  • If renting, then rental payment history confirmed via letter from landlord and bank statements.
  • One more payment history of (Hydro/utilities, telephone, cable, cell phone or auto insurance) confirmed via service provider or 12 months billing statements.

Mortgage Interest Rate & Other Costs.

  • Interest rates will be the best rates available.
  • CMHC fees apply if under 20% downpayment (added to the mortgage).

35% Downpayment – New to Canada Mortgage

Overview – For New Canadians, who haven’t gained employment

Requirements

  • Less than 5 years in Canada.
  • Valid work permit or copy of landed immigrant status
  • 35% Downpayment (can be a combination of own funds + gift from family)

Additional Documentation

Since most newcomers to Canada have little or no credit history, we use alternate ways to demonstrate repayment history.

  • If renting, then rental payment history confirmed via letter from landlord and bank statements.
  • In addition, require one of (Hydro/utilities, telephone, cable, cell phone or auto insurance) payment history confirmed via service provider or 12 months billing statements.

Mortgage Interest Rate & Other Costs.

  • Interest rates will be same as the lowest market rates.
  • CMHC fees doesn’t apply due to 35% Downpayment.

Apply for a New to Canada Mortgage

It takes only a few minutes. No hassle, no obligations

Previous ArticleNext Article

Leave a Reply

Your email address will not be published. Required fields are marked *

Feed 100 kids!

1 in 5 Canadian Children will not eat breakfast today.
We pay for 100 breakfast's on every completed deal.

Get expert advice and do good :)
Learn More about the Program
TMG Group has feed more than 191,000 kids so far
close-link
Click Me

Send this to friend