New to Canada Mortgage in Victoria BC
New to Canada Mortgage
If you have recently moved to Canada and are ready to get settled in, then you might want to take a closer look at a new to Canada mortgage in Victoria, BC. I understand just how complicated the house buying process can be, and that is why I work tirelessly to ensure that my clients don’t hit any roadblocks while applying for home loans.
Mortgages for New Canadian Residents
When you move to a new country, it is very easy to fall into the renting cycle. Renting might be the only practical option for a short period of time, but there will most likely come a point when you want to purchase your own piece of property. I work with over 60 amazing lenders, and many of those organizations love to work with new residents who are ready to become homeowners.
Benefits of New to Canada Mortgages
- Start Building Wealth: After moving to a new country, it can be incredibly easy to get stuck in the renting cycle. With a home loan, you can finally start building equity in a new home.
- No Strict Requirements: Getting a home loan in Canada is easier than most people think, and you could be approved within a matter of weeks. Many of the lenders that I have partnered with love to help out hardworking families that are ready to settle down.
- Competitive Rates: Even if you have recently moved to this country, owning a home could still be within your reach. Home loan rates are incredibly competitive right now, and you might have the keys to your new house within one or two months of applying.
While getting a home loan as a new resident is going to require a few extra steps, I am going to make sure that this process is as stress-free as possible. As a general rule, the lending institutions are going to require a few key pieces of data including your employment history, proof of income, and proof of your down payment. They will also want to know if you have any outstanding debts outside of the country. During your initial consultation, I can go over all of the paperwork that you are going to need for your applications.
What to Expect
This entire process usually takes around 30 or 45 days to complete, but the approval might take slightly longer if some additional data must be provided. When we first discuss your loan, we will take a look at all of the lending institutions that work with new residents. Once we have determined your long-term goals, the official applications can be filled out and submitted. If you are approved for a new mortgage, then the rates should be locked in for at least three months.
Becoming a Homeowner
Purchasing a home is going to change your life forever, and I would love to be able to help you find the right lending institution for your own situation. I invite you to contact me today to schedule a no-obligation consultation. During that meeting, we can further discuss the requirements for a new resident mortgage and determine which mortgage product is right for you.
Frequently Asked Questions
What if I moved to the country very recently? As long as you can verify your income and obtain a letter from your employer regarding your employment status, you could potentially qualify right away.
Am I going to be turned down if I have outstanding debts in other countries? Each lender is going to take a very close look at your debt-to-income ratio, but having outstanding debts in other countries won’t immediately disqualify you.
Should I work directly with the bank? I have partnered with a wide variety of excellent lenders, and I can help you find the best possible rates. Working with an experienced mortgage broker could save you time and money.
Can I purchase investment properties as a new resident? Investing in commercial or residential property is an excellent way to build your wealth, and some of my lending partners love to work with forward-thinking investors who now call Canada home.