Mortgage Advice for Immigrants
Finding the right mortgage in Canada can be tough and frustrating even in the best of times. But for immigrants to Canada or those who are planning to move here, getting a new mortgage can be even more challenging.
Most Canadian lenders have a set of criteria that must be met for them to lend money to non-residents or “immigrants”. If you are planning to move to Canada, this can be difficult to do on a shorter timeline, so try to give yourself adequate time.
What Lenders Look for When Lending to Immigrants
Generally, lenders are looking at the amount of your down payment and your employment status in Canada. Those who can put down more up front, generally more than 35 percent, stand a much greater chance of qualifying. This is substantially more than the standard 10 percent, but it isn’t a guarantee, either.
The professional team at Super Brokers will work for immigrants to Canada in order to find the best product possible. Anyone should be able to get the right home in Canada and we will work to achieve just that.
Lenders will look for these pieces of information:
- Were you transferred to Canada by your current employer?
- How long have you been employed with your current company?
- Did you move/are you moving to Canada to start a new job? If so, is it in the same line of work that you were working previously?
- In which country did you previously work and/or reside?
- What is your previous work experience?
Moving to a new country can be stressful. Our experienced team of mortgage brokers will help immigrants to Canada remove some of the stress of moving. We do this by finding the right mortgage for your new Canadian home.
Call us today to discuss your unique situation and to discuss all of the options. Super Brokers has access to a large network of lenders throughout Canada. You can a mortgage broker, free of charge, by filling out a secure online application.