Your Path to a Canadian Home, Made Clear.
We understand that building a new life comes with unique financial questions. One of the biggest hurdles for newcomers is securing a mortgage without a local credit history. Our specialized programs are designed to look at your complete financial picture, helping you achieve your homeownership goals sooner.
Document Checklist for Permanent Residents
- Permanent Resident Card or Landing Document
- Proof of Canadian Employment (Letter of Employment, Pay Stubs)
- Notice of Assessment (if available) or Foreign Income Documentation
- Bank Statements (Canadian and Foreign)
Requirements for Non-Permanent Residents
- Valid Work Permit or Study Permit
- Proof of Status in Canada
- Employment Authorization
- Minimum 25% down payment requirement
Building a Canadian credit history is essential for securing the best mortgage rates. Here’s your step-by-step action plan:
Essential First Steps
1.Open a Canadian Bank Account:
Start with a chequing and savings account at a major Canadian bank.
2.Get a Secured Credit Card:
Put down a deposit to secure your first Canadian credit card.
3. Set Up Utility Bills in Your Name:
Hydro, gas, and cell phone plans all help build your credit profile.
4. Ask Your Landlord to Report Rent Payments:
Some landlords will report to credit bureaus, giving you credit for rent payments.
Using Foreign Funds
- Funds from overseas accounts are acceptable with proper documentation
- 90-day history of foreign bank statements required
- Currency conversion and transfer documentation needed
Gift Funds from Family
- Gifts from immediate family members are allowed
- Gift letter and donor’s bank statements required
- No repayment expected – must be a true gift
Minimum Requirements
- Permanent Residents: Minimum 5% down payment
- Non-Permanent Residents: Minimum 25% down payment
- Properties over $1M require 20% minimum regardless of status
As a newcomer, the mortgage process felt impossible. Mona took the time to understand our situation and guided us on how to build our credit. We wouldn’t have our family home without her expertise.
