New to Canada Mortgage Program

New to Canada Mortgage Program

Are you new to Canada and looking for a mortgage broker to help you navigate the home buying process? Look no further! Our team is here to help you every step of the way.

As a newcomer to Canada, you may have questions about how the mortgage process works and what options are available to you. We have the knowledge and expertise to help you understand the ins and outs of the Canadian mortgage market.

With access to a wide range of mortgage products and lenders, we can help you find the best mortgage solution to meet your needs.

We understand that the home buying process can be overwhelming, especially for those new to the country. That's why we are committed to providing personalized service and support to help make the process as smooth and stress-free as possible.

Don't let the challenges of being new to Canada hold you back from achieving your homeownership goals. Contact us today to speak with an experienced mortgage broker and learn more about your options. We are here to help you every step of the way.

Getting a Mortgage When You’re New to Canada Explained

If you're new to Canada, you'll need to follow several steps and provide supporting documentation to get a mortgage. The type of mortgage you qualify for will depend on your status as a permanent resident, your credit score, and your savings for a down payment.

Having a good credit score and being a permanent resident may make you eligible for a typical mortgage. Even if you don't meet all of the qualification criteria for a typical mortgage, there are still ways you may be able to qualify for a mortgage through a program such as the New to Canada Program offered by the Canada Mortgage and Housing Corporation (CMHC), Sagen, and Canada Guaranty.

New to Canada Program Details

The New to Canada Program is a mortgage program designed specifically for individuals who have recently immigrated to Canada or who are in the process of immigrating. This program offers flexible credit qualifying criteria and a lower minimum down payment than traditional mortgage programs, making it easier for new Canadians to become homeowners.

Permanent Residents

  • Newcomers to Canada with permanent resident status have access to all CMHC homeowner mortgage loan insurance products, with a minimum down payment starting at 5% of the first $500,000 of lending value, and 10% of the remainder of the lending value.
  • If there is limited Canadian credit history, CMHC may consider alternative sources of payment history.
  • To be eligible for a mortgage, at least one borrower must have a minimum credit score of 600.
  • CMHC may consider alternative methods of establishing creditworthiness for borrowers without a credit history, such as recent graduates or newly divorced borrowers.

Non-permanent residents

  • Non-permanent residents must have a work permit to work in Canada.
  • Mortgage loan insurance is limited to the purchase of a 1-unit property, owner occupied with a minimum down payment of 10%.
  • Establishing creditworthiness for U.S. country of origin: an international credit report will be obtained in the absence of a sufficient Canadian credit report.
  • Establishing creditworthiness For all other countries: a letter of reference from the borrower's financial institution in their country of origin may be considered.

Additional Information

  • With insured mortgages (less than 20% down payment) the maximum amortization period is 25 years.
  • If the purchase price is above $1,000,000 the minimum down payment is 20%.
  • If you are putting down more than 20% down, but have a weak credit history, you may still need to purchase mortgage default insurance.
  • Mortgage default insurance costs between 2.80% and 4.00% of your mortgage loan, amount depending on your down payment percentage.
  • The property must be located in Canada and be suitable and available for full-time, year-round occupancy. It must also have year-round access.
  • Down payments can come from savings, the sale of a property, or a non-repayable gift from a family member.

Why You Should Work With Us for Your Mortgage Needs

Working with us as your mortgage broker is free, easy, and saves you time and money.

Brokers now originate 47% of mortgages in Canada, up from 23% in 2003. This means more and more Canadians are realizing the benefits and savings that come with using a broker.

A bank can only offer you their mortgage products, while we can check with all lenders to get you the best rate possible for your situation.

We work for you, not the bank. And, we save our clients money. Our service is FREE because we get paid a commission by the lender, after your mortgage funds.

You get unbiased advice from an experienced mortgage broker that is dedicated to you, and focused on giving you an amazing experience.

You do not need to open a new bank account or make any changes to your current banking procedures.

Mortgage decisions are some of the most important financial decisions you'll make, and getting professional, unbiased advice from an experienced mortgage broker makes sense.

Ready to get started? Get your free consultation today!

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Client Testimonials

"What a great experience it was dealing with Catherine. She was incredibly helpful and organized, and truly puts her clients first. It is clear she loves what she does, and she has years of knowledge behind her. I would recommend dealing with Catherine for your mortgage needs over and over again."

Chelsea McShane

“We had a fantastic experience working with Catherine. She is very professional, informative, and responsive. She helped us through the process of securing a mortgage for a new build and we knew we were in good hands from the beginning. We will certainly be using her in the future and would recommend her to anyone.”

John Liotta

“Catherine was absolutely amazing! I was a first time home-buyer and she was there to answer any questions I had (and there were a lot!) and never made me feel like I was bugging her. Her response time was absolutely incredible and I know I was getting the best service with her. 100% recommend Catherine to anyone :)”

Leah Hyslop-Personal

“Great experience working with Catherine on buying our first home !”

yll konjufca

“We had such an amazing experience working with Catherine throughout the process of purchasing our first home. She is incredibly professional, knowledgeable, and was always quick to respond to emails or phone calls (even on evenings or weekends). From the moment we met her, we knew that we were in good hands. If you are in search of a Mortgage Broker who genuinely cares about their clients, look no further than Catherine Evel! : )”

Alexandra Murzin

“Catherine and Richard made the process easy for us first-time home buyers. We also really appreciated the level of knowledge and professionalism they provided us. We will definitely work with them again for our future real estate needs!”

Lindsay Kathryn

“Catherine is a professional that I’ve been dealing with since my first house. Her knowledge and helpfulness go beyond regular standards. This is the reason that I will contact her every time I need the broker advise. I am confident that she can help everyone, not matter the issue, that’s the way Catherine is.”

K Klepa

“I have been working with Catherine and her team for many years now. I trust her judgement on getting me the best mortgage rate for my investments and home. Polite, Professional, Knowledgeable, Patient and responsive to all my questions and concerns through the whole process. Couldn't be happier!!”

Ken flynn

“Had a great experience. I had a short time frame to ensure I had funding for my mortgage and Catherine handled it with ease. Communication was quick, clear, and comprehensive. Absolutely would recommend.”

Brad Weemhoff

“I have used Catherine Evel as our Dominion Lender broker for 5 transactions now. Working with them definitely brings the stress of moving and remortgaging down. Very impressed with the efficiency and thoroughness of this group and I have recommended them to many others.”

Trevor Cottrell

Ontario Mortgage Broker

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