*Must have immigrated or relocated to Canada within the last 60 months
*3 months minimum full time employment in Canada (being transferred under a corporate relocation program are exempt)
*Must have a valid work permit or obtained landed immigrant status.
*5% downpayment own resources
SUGGESTIONS PRIOR TO ARRIVING IN CANADA
- Bring a bank reference letter from a recognized financial institution;
- Bring a foreign credit bureau.
TIPS TO HELP YOU QUALIFY FOR A MORTGAGE
- As soon as you arrive in Canada apply for a credit card and open a bank account. If you are married be sure that both husband and wife’s names appear on the credit card and bank account; and that the credit card reports your payment history on both your credit bureaus. This is very important as mortgage lenders want established credit for all parties applying for a mortgage.
- Be sure to make minimum payments on all open credit cards or credit lines on time all the time;
- Keep all bank statements; (as a minimum of 6 months will be required to verify banking history);
- Make all Rent Payments on time – as Rent may be used as an alternative credit history;
- Retain all utility bills (cell phone, phone line, gas, water, heat, electricity) and ensure all are paid on time, as these may also be required to establish a credit history;
- You must be employed for a minimum of 3 months in Canada unless you are being transferred under corporate relocation program;