Obtaining a New to Canada Mortgage With a Mortgage Specialist

Posted by on May 30, 2012

For those who are new to Canada, buying a home can seem a bit intimidating and overwhelming, especially when you are unfamiliar with the laws and rules in a new country. Getting in touch with a specialized mortgage broker – especially one who understands what it’s like for new immigrants to get started looking for a new home – can be extremely helpful. Claire Drage is a mortgage professional who not only has the expertise to connect home buyers with mortgage packages, but she also has a personal understanding of a new to Canada mortgage since she herself was an immigrant to this country. Now Claire is an award winning mortgage agent and one of top agents in Canada for Dominion Lending. She can help you arrange a mortgage in Canada whether you are already here, or just preparing for your move.

How Mortgage Specialists Can Help

Having a professional and knowledgeable mortgage specialist walk you through the entire home buying process can alleviate a lot of the stress that comes with trying to arrange a mortgage that you can afford. For those who are new to the country, this process can be even more challenging. Having the help of someone who knows the ins and outs of the home buying process, and has the connections necessary to get the best mortgage possible, can make mortgage arrangements that much easier.

There are a variety of programs that new immigrants to Canada can take advantage of that will make mortgage arrangements and financing that much easier. A mortgage agent will be able to provide all this necessary information to those who are new to the country to make them aware of all the programs that are available. One of these programs includes the New to Canada Mortgage Insurance. Some benefits of this program include:

  • Allowing new immigrants to buy a home with as little as 5% down payment
  • No minimum income requirements necessary to take advantage of this program
  • Those who are new to the country can take advantage of this program up to 3 years after relocating
  • Amortization lengths can be extended to 40 years if necessary

Applying for a new to Canada mortgage and taking advantage of this insurance program can help those who are new to Ontario begin building equity in their property as soon as possible.

Why Use a Mortgage Broker?

The services of a mortgage broker differ than those offered by the banks for a number of reasons. First of all, mortgage agents are independent specialists who work for the client, not the lender or the bank. For this reason, their best interests are with you, the client, rather than the lender.

Banks will offer you whatever rate they have available, which is often quite limited. Instead, mortgage brokers are able to compare the rates of different lenders, and therefore track down the best rate possible. Having the lowest rate charged against your mortgage can help you pay your mortgage off faster, considering less money is going toward interest.

Mortgage agents will sit down with you and gather all the financial information from you that will allow them to get a clear idea of what type of mortgage you need. The benefit to this is that they will be able to find the best mortgage that is tailored to suits your individual needs.

When you are looking to get approved for a new immigrant mortgage Ontario, call Claire today at (905) 330-9488 and let her avail her services to you to get you the right mortgage rate and terms you need, or visit her website at www.yourmortgageoptions.com.  For a new immigrant Mortgage Alberta, call the award winning team of Jim Black at (403) 331-1327 or visit www.HomeLoansAlberta.com.

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