If you have a job awaiting you on Canadian soil, it’s possible to also secure the
purchase of a home if you plan ahead and connect with professionals before you
even begin packing.
purchase of a home if you plan ahead and connect with professionals before you
even begin packing.
The main reason you’ll want to get in touch with the right professionals before you
start to pack is to find out what important paperwork you’ll need to set aside
to ensure smooth sailing through the home financing and purchasing processes.
start to pack is to find out what important paperwork you’ll need to set aside
to ensure smooth sailing through the home financing and purchasing processes.
Your first step should be to get in touch with an experienced mortgage professional.
In doing so, you can set the home financing process in motion by securing a
mortgage rate guarantee and pre-approval, and figuring out what supporting
paperwork you need to provide to purchase a home in Canada.
In doing so, you can set the home financing process in motion by securing a
mortgage rate guarantee and pre-approval, and figuring out what supporting
paperwork you need to provide to purchase a home in Canada.
The services of mortgage professionals are typically free – they are paid by
lenders for bringing in new business. Mortgage professionals have access to
multiple lenders – including banks, credit unions and trust companies – where
they can compare products and rates, and find the ideal mortgage to meet your
unique needs.
lenders for bringing in new business. Mortgage professionals have access to
multiple lenders – including banks, credit unions and trust companies – where
they can compare products and rates, and find the ideal mortgage to meet your
unique needs.
In most cases, Canadian mortgage lenders and insurers want to see employment
letters that prove your offer of employment and salary in Canada. You must also
have at least a 5% down payment for the home from your own resources – which
means it has to be your own money, not borrowed or gifted. So, for instance, if
you’re selling your home in another country and using some of the proceeds as a
down payment on a home in Canada, you must be able to prove this.
letters that prove your offer of employment and salary in Canada. You must also
have at least a 5% down payment for the home from your own resources – which
means it has to be your own money, not borrowed or gifted. So, for instance, if
you’re selling your home in another country and using some of the proceeds as a
down payment on a home in Canada, you must be able to prove this.
Lenders and insurers also want to see that you have a solid credit history. Although
requirements for this proof varies based on which insurer and lender your
mortgage is funded through, your mortgage professional will be able to tell you
exactly what documents you’ll need to provide. Often, an international credit
bureau is sufficient to prove your credit history. If this is not available,
you can also provide 12 months’ worth of bank statements, mortgage or rental payment
receipts, utility or telephone bills, and so on. Again, there are several
options from which to choose and your mortgage professional will be able to
specifically tell you what a particular lender and insurer want to see.
requirements for this proof varies based on which insurer and lender your
mortgage is funded through, your mortgage professional will be able to tell you
exactly what documents you’ll need to provide. Often, an international credit
bureau is sufficient to prove your credit history. If this is not available,
you can also provide 12 months’ worth of bank statements, mortgage or rental payment
receipts, utility or telephone bills, and so on. Again, there are several
options from which to choose and your mortgage professional will be able to
specifically tell you what a particular lender and insurer want to see.
You must also apply for landed immigrant status to get the ball rolling on securing
your social insurance number (SIN), which is required before you begin working
in Canada.
your social insurance number (SIN), which is required before you begin working
in Canada.
By securing mortgage financing prior to moving to Canada, all you have to do when
you arrive is find a home. This will be an easier task when you already know
exactly how much you can spend thanks to your pre-approval.
you arrive is find a home. This will be an easier task when you already know
exactly how much you can spend thanks to your pre-approval.
And since your mortgage professional can put you in touch with a trusted real
estate agent prior to your move, you will also be able to research homes before
you arrive in Canada. Again, real estate agents do not typically charge a fee
to find you a home to purchase.
estate agent prior to your move, you will also be able to research homes before
you arrive in Canada. Again, real estate agents do not typically charge a fee
to find you a home to purchase.
By planning ahead before making your move, you truly can save yourself a lot of
hassle and stress when it comes to securing mortgage financing and purchasing a
home.
hassle and stress when it comes to securing mortgage financing and purchasing a
home.
And if you’re already living in Canada, many of the available New to Canada
mortgage products apply to new immigrants who have been in the country for up
to 36 months.
mortgage products apply to new immigrants who have been in the country for up
to 36 months.
Paperwork to gather/set aside before packing:
- Proof of employment and salary in Canada
- Proof of at least 5% down payment from
your own sources - Government proof of residency application
- Copy of your immigration papers
- Copy of your passport
- Credit report
- Mortgage or rental payment receipts for the past 12 months
- Bank statements for the past 12 months
- Utility and phone bill payments for the past 12 months
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