IGotAMortgage Inc.
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New Immigrant Mortgages

New Immigrant Mortgages

New to Canada?
I Got A Mortgage Inc. makes your dream of home ownership a reality. We offer innovative mortgage opportunities for those from other countries. We believe that everyone deserves a beautiful place to call home. Those who have just moved to Canada are no exception.

Programs for new immigrants to Canada make it possible for you to purchase a home for as little as 5% down. We understand that you and your family want to purchase a home, start building equity and set down roots in the community. I Got A Mortgage Inc. is here to make this process as simple as possible.

Facts About New Immigrant Mortgages
New immigrants are referred to as Canadian Permanent Residents or “landed immigrants”. For this group of home buyers, there are many types of lender options available. You will find large and small banks, credit unions and B-type lending agencies. All of them have their own policies and rules. It’s important to know who to speak to in order to negotiate the best terms for your Canadian mortgage.

Mortgage Requirements
As a Canadian Permanent Resident, you will need to begin establishing good credit in your community right away. A credit report from your country of origin is normally required. Buyers can also benefit by having a bank’s letter of reference from their previous banking institution.

Those who have a valid Canadian work permit may be able to borrow up to 95% of the purchase price of the home. According to Canadian law, any mortgage exceeding 80% of the value of the home requires mortgage insurance. This insurance will be added to the amount borrowed and then repaid over the course of the loan. The mortgage must also be amortized; a secured line of credit is not available. Immigrant borrowers are only allowed to purchase one home and it must be their primary residence.

Highlights of New Immigrant Mortgage
I Got A Mortgage Inc. believes that the more you know about obtaining a Canadian mortgage, the more smoothly the process will go. Below are a few highlights of our immigrant mortgage program:

√   No minimum income requirements
√  Up to 95% LTV for qualified borrowers
√  Better qualification options
√  Available up to 36 months after arrival
√  Extended amortizations up to 40 years
√  Fixed, variable, or adjustable rate mortgages available
√  Common-sense evaluation: review all files by individual circumstance