Can you document your income?
Gather employment letters, pay records or business documents. If you have overseas assets or income, ask early what evidence a lender can accept.
Mortgages for Newcomers to Canada
If you have recently moved to Canada, a short Canadian credit history does not automatically end your home search. Lenders still need to understand your income, savings and residency status. Some have specific newcomer programs, with different eligibility rules.
Discuss your options
Build a clear paper trail early
Before viewing homes, ask which records a lender will need for your employment, savings and residency status. A newcomer program can have different eligibility rules from a standard mortgage. An overseas credit file or work history may help in some cases, but the documents a lender accepts vary.
Money transferred from abroad may need records showing where it came from and when it arrived. Leave time for transfers and document review before a firm closing date. We can compare programs using your actual status and documents instead of assuming one bank's answer applies everywhere.
A situation to consider
A buyer with a new Canadian job and savings held overseas may have a strong down payment but still need time to document the funds and employment history before making an offer.
What to check before applying
A useful comparison starts with your own numbers and plans.
Where is the down payment held?
Funds from abroad may need a clear paper trail and time to transfer. Confirm documentation and closing timelines before making an offer.
What credit history is available?
A lender may consider Canadian credit, international history or other evidence depending on its program. Avoid assuming that one bank's answer applies everywhere.
Ways to approach it
Newcomer lender program
Ask which residency, income, credit and down-payment requirements apply to the specific product.
Standard mortgage application
A conventional application may be suitable when you already have sufficient Canadian income and credit history.
Some federal rules limit purchases by non-Canadians, with exceptions. Confirm your eligibility with a qualified legal professional before committing to buy.
Compare the full cost before you decide
A Mortio mortgage specialist can review your circumstances and explain available lender options, rates, fees and trade-offs.