Moving to a new country is not an easy option, but Canada welcomes people from all around the world and provides opportunity to grow. In Canada, buying a home, depends on the residency rather than citizenship. Consequently, it is a golden opportunity for landed immigrants and non-landed immigrants to buy a house and stop renting out. Today, in this blog, we would like to discuss how permanent residents and non-permanent residents can secure a mortgage based on their residential status. Also, what steps need to be taken to secure a mortgage and what is the minimum amount of down payment ?
To begin with, landed immigrants are those who have legal right to stay in Canada permanently. Like citizens, they can secure a mortgage at 5% down payment if the purchase price of the house is $500,000 or less, and enjoy the low interest rates from the traditional lenders (Conditions apply, call MB Mortgages for details).To get approved from A lenders(Canadian major banks), borrowers must pass the stress test, they must have a stable source of income and a good credit history. Along with, if you make less than 20% down payment, you must purchase a Default Insurance and it is insured under CMHC, Genworth, and Canada Guaranty. This insurance is a security for lenders if any borrower default in making a payment. We at MB Mortgages can help to get a home loan for new immigrants based on your situation.
To continue with, what if you do not get approved from the Canada’s major banks (Traditional Lenders)? What if you have a challenging credit history or unstable source of income? Can you still secure a mortgage? The answer is yes, you can secure a mortgage. We at MB Mortgages have a bunch of options to help you to secure a mortgage based on your situation.
Moving forward, Non-landed immigrants (non-permanent residents) can secure a mortgage if they have stable source of income, a good credit history and minimum 10% down payment. Call MB Mortgage for further details and information.
Here are some frequently asked questions about New immigrant mortgage:
1. Can new immigrants buy a house in Canada?
Yes, new immigrants can buy a house in Canada. New immigrants can be non-permanent or permanent residents (they already applied for PR from their back-home country). Non- permanent resident can get a mortgage at minimum 10% down payment (conditions apply, call for details). They must have a good credit history, and a good source of income in Canada if they want to enjoy the low interest rates from the traditional lenders. On the other hand, permanent residents can secure a mortgage if they have been residing in Canada from the last 14-16 months, if they have a good credit history, and a stable source of income; they can secure a mortgage at minimum 5% down payment (conditions apply, call for details). If you have any questions, please call MB Mortgages to get the answer. We, at MB Mortgages offer no obligation free consultation.
2. Do I need to be a permanent resident to get a mortgage?
No, it is not necessarily to be a permanent resident to get a mortgage. You can secure a mortgage from Traditional lenders with 10% down payment (conditions apply, call for details) of the purchase price if you are not a permanent resident, but hold a work permit and have applied for a permanent residency. However, as you are not a permanent resident, you must pay 15% Non-Resident Speculation Tax on top of 10% down payment. Once, you get Permanent residency, you are eligible to apply for reimbursement of this 15% tax.
Apart from that, if you are a non-resident of Canada, you can also buy a house. You must pay minimum 35% down payment to buy a property (conditions apply, call for details), you might secure a mortgage from the traditional lenders. They must pay 15% Non-Resident Speculation Tax along with the closing costs. Call MB Mortgages today to check your eligibility whether you can secure a mortgage based on your financial status or not.
Why choose us-
As a leading Mortgage Brokerage, we have strong relations with multiple banks and numerous lenders. We work with Canada’s leading lenders to provide you a mortgage solution that fits your budget. Our mortgage and financing process is amazingly simple, we represent you and match you with the best suited mortgage as per your needs. This way we can guide you through this complicated process with our years of mortgage financing experience.
• We are dedicated and professional Accredited Mortgage Brokers in GTA.
• We are well trained and have experience in the mortgage financing field more than 10 years.
• We can shop around with different lenders to get you the best possible mortgage rates and conditions as well.
• We have different options for different income and credit level with access to number of private lenders to suit borrower’s needs.
We are a professional mortgage broker in GTA. We can help you secure a mortgage with best mortgage interest rates. We are located at 2896 Slough Street, Unit # 6, and Mississauga, ON L4T 1G3. Call MB Mortgages Inc. today at 905-458-6929/416-939-7131 for your queries or you can email us at: firstname.lastname@example.org or you can visit our website at www.mbmortgages.ca
The information provided in this blog post is intended to provide general information. You should consult with a mortgage professional to fully determine the scope of your situation. MB Mortgages shall not be held liable from usage of the information provided on this page. Individual situation may vary.