How to make the Dream of Owning your
                   First Home come True when you are a
                                   New Resident to Canada.

Purchasing your First  Home when moving to Canada can be a daunting process. What Type of Citizenship do I need?  How much Down Payment do you need?  What type of Credit History is Acceptable?  What   Price Range do I qualify for? How do I go about getting Pre-Qualified so I can go shopping with confidence? What Documentation do I need to complete the Process? What Steps are involved from Start to Finish? How do I get the Best Rates for Me?
As Licensed Mortgage Associates we can assist you with all of these questions and more.
Dennis Ward / Lorraine Revet  Mortgage Associates  Mortgage Tailors

There are Solutions and Options to help you through  the Process of Purchasing your First Home and to make the experience an Easy and Enjoyable one.

There are many questions you may have and need the answers and guidance to help you through this process. Here are a Top Ten List of the most Common Ones. If your question is not listed please feel free to Request a Free Private Consultation at any time.


What type of Citizenship do I need and How long do I have to be in Canada to Qualify?

In Canada you can qualify for the New To Canada Programs Offered by our Insurers with either Landed Immigrant Status or Permanent Resident Status.  Typically you have to be in Canada for a Minimum of three months with a history of Full time Employment for 3 Months. Corporate Relocations can be exempt from this requirement. You can qualify for the New To Canada Program for up to 5 Years from Moving to Canada.


How much Down Payment do I need and what can be the source of this Money?

With Permanent Residence Status you can Qualify with a minimum of 5% Down Payment. This can come from your own Resources or from Non Traditional Resources, such as a Gifted Down Payment, Borrowed Money down or Corporate Subsidies. 
With Landed Immigrant Status you can Qualify with a minimum of 10% Down Payment with a Minimum of 5% coming from your own Resources and the additional 5% from Non Traditional Resources such as Gifted Down Payment or Corporate Subsidies.


What type of Credit History do I need to Qualify?

Acceptable types of Credit History are International credit reports (Equifax or Transunion) demonstrating a strong credit profile OR two (2) alternative sources of credit demonstrating timely payments (no arrears) for the past 12 months.
The two alternative sources required are: Rental payment history and (1) other alternative source (hydro/utilities, telephone, cable, cell phone and auto insurance).
Some other Sources of Optional Credit History can be:
Letter of reference from a recognized financial institution OR  (6) months of bank statements from primary account if International Credit Reports are not Available.


How do I get Pre-Qualified and what is the Benefit?

A Mortgage Associate will collect all the required documentation to truly qualify you based  on your current Financial Situation and let you know the TRUE BUDGET that you would qualify for based on the Government of Canada's New Qualification Rules. This allows you to go home shopping with the confidence that you are in your proper price range. This will also allow us to know if there will be any issues with the final approval and completion of the sales process, helping to protect your deposit.


How do I ensure that I am getting the Best Rates?

We have access to many Lenders and will shop around to get you not only the Best Rates for your Situation but the Best Terms for Purchase such as Pre payment and Portability. Fixed and Variable Rates are available on these types of Properties.


What type of Employment do I need  to Qualify?

Lenders and Insurers each have different Guidelines on what type and term of Employment will Qualify for their programs. The New to Canada Programs require a Minimum of (3) months Full time Employment. There are Exceptions with Corporate Transfers.  With access to a Large selection of Lenders we have options to find solutions for your Employment Situations.


Why use a Licensed Mortgage Associate?

Simply stated, we are here to assist you through the Entire process and to help you get the Best Rates and Terms based on your situation. We will guide you through Pre Qualification right through to the completion of your Purchase. All at no cost to you in almost all situations.


Should I use a Realtor when Purchasing?

We always recommend using a Professional Realtor when purchasing a Property. Their Experience and commitment will ensure your best interests are being looked after and the Purchase Experience will be a Positive one.


Will this affect my credit score?

No, it will not. The only time that we would actually pull your credit is once you have given us written consent and supplied your information. The initial consultations will have no affect on your Credit Score. We can even assist you and answer any questions you may have in helping you improve your Credit Score to prepare you for the process in the future.
Once you have Obtained a Home and Mortgage it will help establish your credit Rating In Canada.


What additional Fees could I be looking at?

Depending on what type of Property Purchase, you may encounter additional fees. We can advise you on what they might be and what your options are. Examples of additional fees can include Appraisals, Inspections, Title Transfer fees, Property Tax, and Legal Fees as well as some other not so common fees. We can help explain those fees when they are involved.
Always get proper Legal Representation  to ensure your best Interests are being looked after.