If you’ve recently immigrated to Canada and are looking to turn your dream of purchasing a property a reality, simply continue reading to discover how to successfully obtain a mortgage.
Mortgage Tips for new immigrants.
1. If you’ve immigrated to Canada within the past 5 years, you may be able to purchase a home, with a low 5% down payment under the New to Canada Program
If you’re serious about purchasing a home and establishing roots in Canada, it’s advisable to purchase a home, within 5 years of entering the country as during this period if you are a qualified home buyer you’ll be able to purchase a home with a small down payment of around 5%.
Just keep in mind that the home which you purchase must be under $1,000,000. If the home which you purchase is priced up to $500,000 you’ll require a 5% down payment. However, if the home which you intend to purchase is priced over $500,000, you’ll have to front up with a 5% down payment for the first $500,00 of your mortgage and front up with an additional 10% down payment for the amount of your mortgage which is over $500,000. Contact our mortgage brokers in Meaford to answer all your mortgage related questions.