We recently published the Moving to Canada guide on our website. It details everything you need to know as a new or returning Canadian planning to buy property in this country. If you’re hoping to learn how the mortgage process works and the requirements you may need to meet, you can read the complete guide here! Check out this quick preview to see what the guide is all about.
What’s in this guide?
This guide is divided into six chapters. Each section has a unique focus on a certain aspect of moving to Canada. Here, we’ll quickly summarize some of the main points of the guide.
The four types of new Canadians
In the mortgage world, there are four types of new Canadians – non-residents, returning to Canada, new Canadians with, and new Canadians without permanent residency status. This section of the guide is dedicated to helping you discover which category or “bucket” you fit into. Each bucket has different means of financing when moving to Canada, so finding your category is essential.
Understanding down payments
Your bucket also helps decide your down payment requirement as a new Canadian. Depending on your circumstances, your minimum down payment can be between 5% and 50%. In this guide, we also discuss the use of mortgage default insurance, and how the location you earn your income impacts your down payment.
Documents for moving to Canada
Getting a mortgage in Canada requires a lot of paperwork. This chapter covers how you can provide proof of income and employment, as well as credit history and the source of your down payment.
Lenders and brokers
From traditional banks to private lenders, there are lots of different options for securing a mortgage loan. Depending on a person’s credit history and down payment situation, different lenders suit different buyers.
Working with a broker is the best way to find the right lender for you. This guide discusses the benefits of using a broker for your mortgage needs when moving to Canada.
If you have any questions about this guide or your own mortgage, get in touch with me here!
You can also book a call directly into my calendar here below.
