Have you recently moved to Canada and wish to buy a home? Home ownership in Canada is a dream of many and you can have your own residence if you know a little bit about how the Canadian mortgage system operates. A program designed especially for immigrants is available. This program is known as the new to Canada mortgage insurance program. With the help of this program, you can purchase a home, establish yourself economically in the country and build equity. An experienced mortgage professional that specializes in new immigrant mortgages, like top mortgage agent Claire Drage, will help you purchase your first home in your new country.
When you choose to make use of the New to Canada mortgage insurance program, you can obtain up to 95% LTV if you are qualified. You do not have to earn a certain amount in order to qualify for this program and they do offer increased qualification options. This program may be used anytime in the 36 months after you move to the country and you can choose to make use of an extended amortization up to 40 years. Be aware that standard premiums do apply if you choose to make use of the New to Canada mortgage program.
When you use the New to Canada mortgage insurance program, you can purchase a home sooner than you may have expected. This will help you to in terms of economic establishment and many types of mortgages are offered. Choose from a fixed, adjustable rate or variable mortgage and pay as little as 5% down. What makes this program so great is the fact that each file will be reviewed. You are not put into a box with other immigrants. Your situation is unlike any other and this program takes that into consideration. The insurance is also portable. It may be applied to a new home if you chose.
Documentation will need to be provided in the form of a verification of landed immigrant status or a valid work permit. In addition, you will need income documentation, down payment documentation and a purchase and sale agreement. Other papers will need to be provided depending on how much you are borrowing. Take advantage of the New to Canada mortgage insurance program today so you can have the home of your dreams in very little time at all.
Learn all of your options and get through the red tape by using an experienced mortgage professional. Call Claire Drage at (905) 330-9488.
