Have You Recently Immigrated To Canada?

Have You Recently Immigrated To Canada?

Author: Marlon Daley

If you have recently immigrated to Canada, then you understand that it is probably the most difficult choice that you have ever made. You have left your native country behind and have set out on your new life in Canada. All of the familiar systems and practices that made common sense at one time, have now been replaced with uncertainty and the unknown. The good news is that you don´t need to feel alone, or vulnerable. I can help to give you the tools and give you the information that you will need in order to buy a HOME!

Building credit by opening a bank account, opening public utility accounts and applying for credit cards, are a few of the simplest ways to begin building your credit. These few things will help establish you in the credit world, and with consistent, on time payments, you will become a perfect candidate for The New To Canada Mortgage Insurance Program. This program helps new immigrants purchase a home with a down payment of 5%, build equity and help you become financially established quickly.

Here are a few key features of the program:

• No minimum income requirement
• Reduced minimum Canadian Employment history
• Reduced down payment requirement
• You can take advantage of this program for up to 24 months after arrival

There are a few program requirements that must be met in order to be considered:

• A Work Visa and application for Landed Immigrant status
• Other sources of credit history like confirmed, documented, on time rent paid for 12 consecutive months
• Regular savings for a minimum of 12 months

In order to qualify you must:

• Be relocated or immigrated to Canada
• Have a minimum of three months full-time employment in Canada
• Have a valid work visa or obtained landed immigrant status

An important note to remember is that all debts held outside Canada must be included in the total debt servicing ratios, so ensure that all debts you may have had prior to relocating to Canada, have been paid in full!

Once you have fulfilled all requirements and met the programs criteria, your mortgage will be insured.

It is imperative that you consult a mortgage professional once you feel that you are a prime candidate for the program. Time wasted in contacting a mortgage professional could mean that you no longer qualify for the Program and your wait for a mortgage could be a lot longer.

http://www.themortgagedoctor.net Marlon Daley is a mortgage agent with one of Canada´s largest mortgage broker networks, The Mortgage Centre. If you have a mortgage problem, Marlon has the remedy.