Incase you have recently migrated to this great land (Canada) that means you have seen the difficulties already. It is one of the difficult choices that you make in your lifetime. The people who leave their native land behindto start a new life in a new country like Canada see a lot of difficulties. All those things which were supposed to be as common sense now have been changed to the new norms.
There is a new system and new code of living but the good news is that you are not alone fighting to adjust with the change and you are not helpless. We are here to guide you through the process of getting in flow of the new environment and all that will help you buying a new home in Canada.
Building your positive credit history is the fundamental thing that you will need to get started and you cando this through opening a bank account, applying for credit cards, opening public utility accounts etc. These few things will help you get started in the credit world, it is necessary to remember that to become a perfect candidate for new to Canada mortgage insurance program you need to build a great credit history by paying bills on time and by being consistent. Through this assistance from the government you can easily purchase a home with a down payment as low as five percent only. This can fasten the process of your financial establishment in the country quickly
The key features of this government sponsored programmer include following points:
• There is no minimum income requirement for a loan seeker. • The employment history in the Canada is relaxed for the new immigrants. • The amount that you pay as down payment is also reduced to a greater extent. • One can get benefit from such process until his tenure of twenty four months are completed.
Here are few key requirements needed for the approval of the application for this program:
• It is necessary to present a work visa application in case applicant has landed immigrant status • You need to have your twelve months savings as a guarantee. • Sources of credit history other than normal such as certified documents of rents of last twelve months which also need to be paid on time. These are the must have things in order to have your applications approved: • You have been an immigrant to the Canada • Have a worked as a full time employer somewhere in Canada for at least three months • You have your proper visa documentation or landed immigrant status in case you have are new immigrant
Once you have achieved all necessities and met the agendasstandards as the Canadian mortgage trends describe, then your mortgage will be insured. Here it is important to mention that all the debts that you hold outside the Canada will also be counted for debt ratio adjustment. This for proper insurance that all the previous debts as total debt service ratio are well paid on time by the applicant.
|