Mortgage as a New Resident of Canada

For Canadian citizens, applying for a mortgage is relatively straightforward. However, individuals who have recently moved to the country and are not yet citizens can still obtain a mortgage, though the process involves more complexity and extensive documentation.

Several key factors determine the type of mortgage you can qualify for as a newcomer to Canada:

• Permanent Residency Status
• Size of Your Down Payment
• Credit Score
• 
  

There are five typical scenarios for newcomers applying for a mortgage in Canada:

         1. Permanent Resident with Good Credit and 5% Down Payment

• Best-case scenario: You qualify for a regular mortgage, similar to any Canadian citizen.

         2. Permanent Resident with 5% Down Payment but Weak Credit

• You may qualify for the New to Canada Program offered by mortgage default insurance providers.

          3. Non-Permanent Resident with Good Credit, Work Permit, and 5% Down Payment

• You qualify for a regular mortgage.