If you’re new to Canada, welcome! You’ve come looking for new opportunities and a fresh start. One of the first things you’ll want to do is get settled into a home of your own. It can be challenging to secure a new to Canada mortgage so follow this guide to make the process go more smoothly.
Know What You Can Afford for a New to Canada Mortgage
One of the first things you should determine is what you can afford. Consider what your finances will allow you to make as a monthly payment and what you plan to put forward as a down payment; this is an important first step so that you can negotiate effectively with a mortgage lender.
Build Your Credit Before Applying for a New to Canada Mortgage
In order to apply for a new to Canada mortgage, you’ll need to go through a credit check. While a private mortgage lender will often approve a mortgage application even if you have poor credit, it’s a good idea to start taking steps to improve your rating. You can apply for and regularly pay off a credit card and make sure you never get behind on your monthly bills for rent, utilities, phones etc.
Save For a New to Canada Mortgage Down Payment
Once you have determined your budget and you’ve begun to improve your credit rating, you should start saving for a down payment. You should plan to make a down payment that is somewhere between ten and fifteen percent of the overall list price of the home you plan to buy.
Find a Private Mortgage Lender
Funding a mortgage is difficult for many Canadians because of the strict rules and requirements put in place by the government. Individuals that are new to Canada and, in most cases, cannot rely on their credit score from their country of origin are in an even more challenging situation. With more lenient approval requirement, a mortgage investment corporation that offers private lending options is the way to go for most new immigrants and individuals seeking permanent residency and citizenship.
Whether you’re looking to borrow or invest, Alta West Capital can help. We offer a number of lending solutions for first time buyers, individuals and families that are new to Canada, self-employed business owners, real estate investors and more. Alta West loans are fast and flexible to fit your needs. Visit our website to apply online or contact us directly. Call (403) 254-9075 or email info@awcapital.ca.
