There’s a lot you need to know when navigating the world of mortgages.
And, if you’re not careful, it’s quite easy to get tripped up in the lingo, the procedures, and the payments. (Not to mention the penalties.)
This is why we’ve recruited Jerome Trail, owner and broker of record at The Mortgage Trail, to answer the most important questions homebuyers and homeowners should understand before moving forward in their mortgage process.
Today, Trail is offering the answer to the inquiry: “If I've recently moved to Canada, how can I secure a mortgage?
Have another mortgage question, or looking for mortgage advice?
Contact Jerome at The Mortgage Trail — mention STOREYS, and you’ll receive a free appraisal!
According to Trail, Canada's ongoing immigration initiatives bring a steady supply of potential buyers (and borrowers) to the real estate sector. Recognizing that this sector requires unique rules for mortgage qualifying, lenders and insurers have introduced a number of ways to help new-to-Canada applicants get a mortgage.
READ: What is a Construction Mortgage and How Can I Benefit From One?
Borrowers are able to prove credit-worthiness in unique ways. For instance, foreign credit reporting tools can be used to help a lender adjudicate a file if the applicant has limited domestic credit reporting. Letters from banks, 12 months of bank statements, and other unorthodox means can help satisfy what a lender needs for a credit review.
If the applicant has less than a 20% down payment available, the insurers have special programs too. They will allow people to qualify using different methods than those a borrower who has lived in Canada their entire life might be judged on.
The country's immigration rules favour applicants that are entering with strong earning potential (or already have a job lined up), some financial backing, and an overall solid financial foundation. Lender's application rules follow suit and are geared towards accommodating them too.
Given that Canada is expected to implement its most ambitious immigration plan on record, more new Canadians than ever will have to learn how to navigate the first-time homebuyers process than ever before.
If you’re interested in discussing further, please feel free to reach out to Jerome and his team at The Mortgage Trail directly.
This article was produced in partnership with STOREYS Custom Studio.
