New To Canada Mortgages

Are you new to Canada? We simplify the mortgage process for you.
Dreaming of owning a home in Canada? Our friendly, expert brokers guide you from start to finish.

Can you get a mortgage as a newcomer?  Yes! Here’s how:

With a valid work permit, you can buy a home.
Permanent residents are eligible.
Refugees and temporary workers may also qualify.

Save with the best rate and mortgage product. We negotiate with lenders to save you money.

How much down payment do you need? It depends:
  • Permanent residents may purchase with just 5% down.
  • Non-permanent residents typically need 10% down.

Insured mortgage programs are available for newcomers:

  • CMHC, Sagen, and Canada Guaranty offer programs.
  • Simplified qualification.
  • Competitive rates.

Our mortgage process for newcomers:

Close the deal on your home with confidence.

Check your eligibility with our expert brokers.

Get pre-approved for a mortgage with the best rate.

Choose the right mortgage for you.

Apply for your mortgage with our help.

Insured Mortgage Programs for Newcomers to Canada

If you’re new to Canada and looking to purchase a home, you have access to specialized insured mortgage programs designed to help you navigate the process smoothly. All three mortgage default insurance companies—CMHC, Sagen, and Canada Guaranty—offer a “New to Canada Program” to assist eligible newcomers in securing a mortgage.

Features of the Newcomer Mortgage Programs

Access for Permanent Residents
Newcomers with permanent resident status can take advantage of all mortgage insurance products offered by CMHC, Sagen, and Canada Guaranty, subject to specific eligibility requirements.

  • Limited Canadian Credit History: For those with limited Canadian credit history and where foreign credit bureaus are unavailable, alternative sources of payment history may be accepted for Loan-to-Value (LTV) ratios up to 95%.

Access for Non-Permanent Residents
Newcomers with non-permanent resident status must meet federal eligibility requirements and may qualify for insured financing up to a 90% LTV ratio for purchasing a 1-unit, owner-occupied residential property.

  • No Additional Fees: There are no extra fees or premiums based on residency status—standard product-specific premiums apply.
Benefits of These Programs
  • Access to Homeownership: These programs simplify and streamline the mortgage qualification process, making homeownership more accessible.
  • Better Interest Rates: Insured financing allows access to competitive mortgage rates from various banks in Canada.
  • Availability: These programs are available coast-to-coast-to-coast, with no set maximum loan amount.
Mortgage Process for Newcomers to Canada

Navigating the mortgage process as a newcomer can be daunting, but with the help of an expert True North Mortgage broker, you can tackle every step with confidence. Here’s a breakdown of the main steps:

  1. Determine Your Eligibility
    Mortgage lenders will review your employment history, credit score, and other financial information. Your broker will help assess your eligibility and advise on any preparatory steps you should take before applying.
  2. Get Pre-Approved
    Before house hunting, it’s beneficial to get pre-approved for a mortgage. This step ensures you secure the best rate, a flexible mortgage product, and a suitable lender for your needs. Pre-approval also clarifies whether you’ll need an insured mortgage and gives you a clearer picture of what you can afford, streamlining the home-buying process.
  3. Choose Your Mortgage
    With various types of rates and mortgages available, your broker can help you select the right one. They’ll explain the differences between fixed and variable rates and discuss the pros and cons of each option.
  4. Apply for Your Mortgage
    After making an offer on a home (preferably with financial conditions attached), it’s time to apply for full mortgage approval. Your broker will assist you in gathering necessary documentation and submit your application to the lender.
  5. Close the Deal on Your Home
    Once your mortgage is approved, you can waive the financing condition and finalize the home purchase. You’ll need to provide your down payment when the lawyer is ready to transfer the mortgage funds on your closing (possession) date. Your broker will guide you through the process, ensuring everything is in order.

By leveraging these programs and following these steps, newcomers to Canada can effectively navigate the mortgage process and achieve their dream of homeownership.

Apply now