Mortgage Advice for New Immigrants to Canada!

Matrix Mortgage Global – Mortgage Advice for New Immigrants to Canada

If you have recently immigrated to Canada, congratulations! Moving to a new country can be exciting, but it is not without its challenges. Laws and business procedures may be quite different here than they were in your country of origin. If you would like to own a home in Canada, one of the things you will have to learn about is how to get a mortgage when you are a new immigrant to Canada.

By meeting with one of the mortgage professionals from Matrix Mortgage Global, you can learn everything you need to know to get you started on your journey to home ownership from what you will need as a down payment, how to qualify for a mortgage and how to choose the appropriate type of mortgage for you.

Qualifying for a Mortgage When You are New to Canada

Typically qualifying for a mortgage will require multiple pieces of documentation such as proof of income, assets, etc. When you are new to the country, however, obtaining all of this information can be more complicated.

At Matrix Mortgage Global, we have mortgage agents that specialize in helping new immigrants and who can walk you through the entire process so that you can move into your Canadian home that much faster.

Things You Need to Know

As someone who is new to the country, here are a few things you will need to know about qualifying for a mortgage in Canada:

• The minimum amount of down payment you will need to make on your new home is 5%
• To obtain a mortgage from a traditional lender, you will have to provide proof of your income in order to show that you’ll be able to make your mortgage payments.
• Your new mortgage may be amortized over a maximum period of 25 years.
• Mortgage interest rates may be fixed or variable.

What if You Don’t Qualify for a Mortgage from a Traditional Lender?

One of the best things about working with a mortgage broker instead of a bank is that not only can they shop around from a large pool of lenders, but they also have contacts with many reputable alternative lenders who have less stringent criteria than the major banks.

You will always, therefore, have more options when you work with a broker.

If you are a new immigrant to Canada and would like to get more information on getting a mortgage and becoming a homeowner in this country, contact the professionals at Matrix Mortgage Global today at 1-877-388-4058.