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Protect your homes with fire sprinkler system read more

July 9, 2013

How to choose the right type of gates for your house read more

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Availability of mortgage lending for newcomers

Once you have taken your chance and moved to Canada. You have to start your life in the country from scratch: find a job, purchase a housing and finally relocate your family. Click here to find out the most beneficial condo offers in new-buildings for comfortable accommodation of married couples. It is very important to have the support that may be provided only by a close person. You should know that Canadian Law has introduced a special procedure allowing residents to sponsor spouse to Canada. A spouse not only gives you love and understanding, but financial support. If both spouses have well-paid jobs, it facilitates the process of obtaining a mortgage. Let us consider the options of getting a mortgage available for immigrants. There are numbers of different mortgage programs. The main thing is to figure out which of these products meets your needs best.

1. Special mortgage program for people who buy housing for the first time (First Time Home Buyer). This program provides some benefits for first time byers. People have many questions when buying a real estate for the first time. These clients typically have the opportunity to get detailed consultation in the bank or mortgage brokers office. Mortgage brokers will help you to determine the maximum possible amount of the mortgage, the most suitable type of mortgage (open, closed), and interest rates. It is important to know that such buyers are provided with a tax break and are fully exempted from property purchase tax payment, if the value of the purchased property is less than $ 425,000. And another benefit: you can use the money from the pension fund as a down payment under this program (you can use up to $ 20,000 of RRSP savings).

2. Special mortgage program with a large down payment. The program is designed for those who have the opportunity to make a fairly large down payment (35% or more). The advantage of this program is that when you have a good credit history, not so much attention is paid to a steady income confirmation. Bank takes into account the availability of other investments, as well as the presence of potential income.

3. Mortgage program for new immigrants (up to 3 years in Canada). The program is specifically designed for newly arrived immigrants who are just starting their living in the country. Most often, they do not have a permanent job and credit history. Since all the immigrants have already been carefully selected, it is believed that most of them are highly qualified and they will have no problems with the work. It is also necessary to make a large down payment (30% or more) and provide a proof of status in Canada (Permanent Resident Card).

Bernard Duncan for Sponsorspouse.ca how to sponsor spouse to Canada.

Read about mortgage programs for investors and non-residents.

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