New-to-Canada Mortgages
Your first step towards Canadian homeownership
Starting a new life in Canada is an exciting journey, and owning a home is often one of the biggest milestones along the way. At Better Mortgage Select, we understand the unique challenges newcomers face—limited credit history, unfamiliar banking systems, and navigating mortgage requirements. Our team specializes in helping new Canadians secure tailored mortgage solutions that set them on a path to long-term financial security.
Understanding New-to-Canada mortgage programs
New-to-Canada mortgage programs are designed specifically for immigrants and permanent residents, providing accessible pathways to homeownership even without an extensive Canadian credit history. These programs focus on flexibility, alternative credit verification, and personalized financial solutions.
Key features of New-to-Canada
mortgage programs:
- Flexible down payments: Minimum 5% down payment for homes up to $500,000, with 10% required for the portion above $500,000.
- Alternative credit history: Proof of rental payments, utility bills, or international credit reports can often substitute traditional credit scores.
- Employment verification: Proof of income from employment letters, pay stubs, or self-employment documentation.
- Eligible properties: Owner-occupied homes, including single-family residences, condos, and townhomes.
- Loan-to-value (LTV) ratio: Financing of up to 95% for qualified applicants with permanent residency or valid work permits.
Programs offered by leading banks available to mortgage brokers:
1. Scotiabank StartRight® Program
- Designed for newcomers with limited Canadian credit history.
- Down payments starting at 5%.
- Acceptance of international credit reports or alternative credit documentation.
2. TD Bank New-to-Canada
Mortgage Program
- Low down payment options for homes up to $1.5 million.
- Interest rate holds of up to 120 days.
- Acceptance of alternative credit history verification.
3. BMO NewStart® Program
- Tailored mortgage solutions for newcomers.
- Competitive interest rates and repayment flexibility.
- Personalized support from mortgage professionals familiar with newcomer needs.
4. National Bank
Newcomers Program
- Financing of up to 95% for eligible borrowers.
- Flexible qualification criteria with alternative credit options.
- Support from multilingual mortgage specialists.
As Nelson Mandela once said, “It always seems impossible until it’s done.”
Owning your first home in Canada may feel daunting, but with the right guidance, it’s an achievable dream.
Steps to secure a mortgage as a newcomer:
1. Build your credit history
Open a Canadian bank account and use a secured credit card responsibly.
2. Save for a down payment
Ensure your funds are easily accessible for your purchase.
3. Prepare your documentation
Gather proof of income, employment letters, and credit references.
4. Contact Better Mortgage Select
Our team will guide you through each stage, helping you secure the best mortgage terms.
Your first Canadian mortgage
Get pre-approved with flexible mortgage options designed
just for newcomers.
Let’s help you settle in Canada
At Better Mortgage Select, we believe every newcomer deserves a fair chance at homeownership.
Our dedicated team will walk with you every step of the way, simplifying the mortgage process and making your Canadian dream a reality.