{"id":20405,"date":"2023-04-05T08:20:09","date_gmt":"2023-04-05T12:20:09","guid":{"rendered":"https:\/\/hanhomesoldrealty.com\/newer-mortgage\/"},"modified":"2025-06-30T16:16:11","modified_gmt":"2025-06-30T20:16:11","slug":"newer-mortgage","status":"publish","type":"page","link":"https:\/\/hanhomesoldrealty.com\/en\/newer-mortgage\/","title":{"rendered":"Newcomer Mortgage Guide"},"content":{"rendered":"\n<h1>\n\t\tNewcomer Mortgage Guide\n\t<\/h1>\n\t<style>\n.buyer-guide-left-links li.uabb-creative-link {\n    display: block !important;\n    background-color: #2f455e;\n    text-align: left;\n    padding: 10px 20px 10px 20px;\n    border-bottom: 1px solid #566b81;\n}\n<\/style>\n<h2>\n\t\tMenu\n\t<\/h2>\n\t<ul>\n\t\t\t<li>\n\t\t\t\t<a href=\"#introduction\" target=\"_self\" data-hover=\"Introduce\" rel=\"noopener\">Introduce<\/a>\n\t\t<\/li>\n\t\t\t\t\t<li>\n\t\t\t\t<a href=\"#no-income\" target=\"_self\" data-hover=\"1. Can New Immigrants Get a Mortgage in Toronto\/Canada?\" rel=\"noopener\">1. Can New Immigrants Get a Mortgage in Toronto\/Canada?<\/a>\n\t\t<\/li>\n\t\t\t\t\t<li>\n\t\t\t\t<a href=\"#what-is-newer-mortgage-policy\" target=\"_self\" data-hover=\"2.  What is a Newcomer Mortgage?\" rel=\"noopener\">2.  What is a Newcomer Mortgage?<\/a>\n\t\t<\/li>\n\t\t\t\t\t<li>\n\t\t\t\t<a href=\"#whom-fit\" target=\"_self\" data-hover=\"3. Am I Eligible for a Newcomer Mortgage?\" rel=\"noopener\">3. Am I Eligible for a Newcomer Mortgage?<\/a>\n\t\t<\/li>\n\t\t\t\t\t<li>\n\t\t\t\t<a href=\"#optional-newer-policy\" target=\"_self\" data-hover=\"4. Which Bank Offers Newcomer Mortgage Programs\" rel=\"noopener\">4. Which Bank Offers Newcomer Mortgage Programs<\/a>\n\t\t<\/li>\n\t\t\t\t<\/ul>\n<h3>\n\t\tIntroduce\n\t<\/h3>\n\t<p>Unless you are buying with all cash, getting a mortgage pre-approval is the first step of buying your first home in Canada! Immigrating to Canada means starting a new life and rebuilding your credit history, which can be problematic if you are trying to get a mortgage, that&#8217;s why many banks offer newcomer mortgage programs to help new immigrants settle down.<\/p>\n<h3>\n\t\t1. Can New Immigrants Get Mortgage in Toronto?\n\t<\/h3>\n\t<p>Quick answer, YES! It is a common misconception that new immigrants or newcomers can&#8217;t qualify for a mortgage from a large Canadian Bank like RBC, BMO, or TD, as &#8216;conventional&#8217; mortgages often require the applicant to have local income and credit records. But in fact, many banks, including A Lender banks, have unique Newcomer Mortgage Programs that help thousands of newcomers settle every year. Let&#8217;s first discuss what is a newcomer mortgage.<\/p>\n\t\t\t\t<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/hanhomesoldrealty.com\/wp-content\/uploads\/2023\/04\/newcomer-mortgage-guide-02.jpg\" alt=\"\u65b0\u79fb\u6c11\u8d37\u6b3e\u653f\u7b56\" itemprop=\"image\" height=\"437\" width=\"990\" title=\"newcomer-mortgage-guide-02\" onerror=\"this.style.display='none'\">\n<h3>\n\t\t2. What is a Newcomer Mortgage?\n\t<\/h3>\n\t<p>A newcomer mortgage is a specialty mortgage with a more lenient set of requirements for the applicants so even the newcomers who are starting a new life in Canada can buy a property they call home. Newcomer mortgage bypasses the two biggest barriers for newcomers in conventional mortgages:<\/p>\n<ol>\n<li><b>Proof of Income<\/b> &#8211; for conventional mortgages, banks like to see if the applicant has a steady stream of local income for the past 2-years, typically in the form of employment income. Newcomer mortgage programs use a lower standard or alternative methods to measure applicants&#8217; financial capabilities.<\/li>\n<li><b>Established Creditworthiness<\/b> &#8211; conventional mortgage programs require the applicant to have a minimum credit score of 600, something many new immigrants don&#8217;t have as they need to rebuild their credit score from scratch. Newcomer mortgage programs would often waive this requirement for newcomers or find other means to measure their creditworthiness.<\/li>\n<\/ol>\n<p>With these biggest obstacles out of the way, getting a mortgage as a newcomer is not far off as long as you meet other eligibility requirements.<\/p>\n<h3>\n\t\t3. Am I Eligible for a Newcomer Mortgage?\n\t<\/h3>\n\t<p>As amazing as newcomer mortgages sound, not everyone is eligible. Each lender has its own set of criteria, but there are some general guidelines they all follow:<\/p>\n<p>1. &nbsp; &nbsp; &nbsp; <b>Newcomer Status<\/b> &#8211; you are identified as a newcomer if you became a Permanent Resident of Canada for less than 5 years. (Note: recently returned Canadian emigrants are sometimes qualified too)<\/p>\n<p>2. &nbsp; &nbsp; &nbsp; <b>Down Payment<\/b> &#8211; 5% is the minimum down payment required for insured mortgages under $500K, but it is very difficult to obtain. With a lack of or supplemented credit record, 35% is the most common minimum down payment required.<\/p>\n<p>3. &nbsp; &nbsp; &nbsp; <b>Admissible Income<\/b> &#8211; you must have some previously\/currently\/projected income stream to show to the lender.<\/p>\n<p>4. &nbsp; &nbsp; &nbsp; <b>The Maximum number of properties<\/b> &#8211; you are only eligible for a maximum of 2 of such mortgages with most lenders.<\/p>\n<h3>\n\t\t4. Available Newcomer Mortgage Programs\n\t<\/h3>\n\t<p>We collected some general information on the currently available newcomer mortgage programs offered by the largest banks in Canada. Please note the information below was collected on <b>June 30, 2022<\/b>, from mortgage agents operating in GTA, it should only serve as a reference. We are not mortgage specialists and cannot guarantee the accuracy and completeness of the information. Please consult a mortgage specialist for the most up-to-date policy.&nbsp;<\/p>\n\t\t\t\t<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/hanhomesoldrealty.com\/wp-content\/uploads\/2023\/04\/newcomer-mortgage-guide-03.jpg\" alt=\"\u65b0\u79fb\u6c11\u8d37\u6b3e\u653f\u7b56\" itemprop=\"image\" height=\"669\" width=\"988\" title=\"newcomer-mortgage-guide-03\" onerror=\"this.style.display='none'\">\n\t\t\t\t<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/hanhomesoldrealty.com\/wp-content\/uploads\/2023\/04\/newcomer-mortgage-guide-04.jpg\" alt=\"\u65b0\u79fb\u6c11\u8cb8\u6b3e\u653f\u7b56\" itemprop=\"image\" height=\"717\" width=\"988\" title=\"newcomer-mortgage-guide-04\" onerror=\"this.style.display='none'\">\n\t\t\t\t<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/hanhomesoldrealty.com\/wp-content\/uploads\/2023\/04\/newcomer-mortgage-guide-05.jpg\" alt=\"newcomer mortgage guide\" itemprop=\"image\" height=\"830\" width=\"988\" title=\"newcomer-mortgage-guide-05\" onerror=\"this.style.display='none'\">\n\t\t\t\t<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/hanhomesoldrealty.com\/wp-content\/uploads\/2023\/04\/newcomer-mortgage-guide-06.jpg\" alt=\"Toronto newcomer mortgage guide\" itemprop=\"image\" height=\"734\" width=\"988\" title=\"newcomer-mortgage-guide-06\" onerror=\"this.style.display='none'\">\n\t\t\t\t<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/hanhomesoldrealty.com\/wp-content\/uploads\/2023\/04\/newcomer-mortgage-guide-07.jpg\" alt=\"Canada newcomer mortgage guide\" itemprop=\"image\" height=\"604\" width=\"988\" title=\"newcomer-mortgage-guide-07\" onerror=\"this.style.display='none'\">\n\t\t\t\t<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/hanhomesoldrealty.com\/wp-content\/uploads\/2023\/04\/newcomer-mortgage-guide-08.jpg\" alt=\"\u5927\u591a\u4f26\u591a\u65b0\u79fb\u6c11\u8d37\u6b3e\u653f\u7b56\" itemprop=\"image\" height=\"669\" width=\"988\" title=\"newcomer-mortgage-guide-08\" onerror=\"this.style.display='none'\">\n\t<p>Too lazy to read it all? Watch this video and listen to our breakdown of which program is best for your situation: (insert YouTube video)<\/p>\n<p>Now you know how to get a newcomer mortgage, check out this blog to learn what&#8217;s the next step: &#8220;First-time Home Buyer Guide&#8221;<\/p>\n<p>Additional Readings:<\/p>\n\t\t\t<a href=\"\" target=\"_self\" role=\"button\" rel=\"noopener\">\n\t\t\t\t\t\t\tMortgage Calculator\n\t\t\t<\/a>\n","protected":false},"excerpt":{"rendered":"<p>Newcomer Mortgage Guide Menu Introduce 1. Can New Immigrants Get a Mortgage in Toronto\/Canada? 2. What is a Newcomer Mortgage? 3. Am I Eligible for a Newcomer Mortgage? 4. Which Bank Offers Newcomer Mortgage Programs Introduce Unless you are buying with all cash, getting a mortgage pre-approval is the first step of buying your first&hellip;<\/p>\n","protected":false},"author":4,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[],"tags":[],"class_list":["post-20405","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/hanhomesoldrealty.com\/en\/wp-json\/wp\/v2\/pages\/20405","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hanhomesoldrealty.com\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/hanhomesoldrealty.com\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/hanhomesoldrealty.com\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/hanhomesoldrealty.com\/en\/wp-json\/wp\/v2\/comments?post=20405"}],"version-history":[{"count":6,"href":"https:\/\/hanhomesoldrealty.com\/en\/wp-json\/wp\/v2\/pages\/20405\/revisions"}],"predecessor-version":[{"id":26860,"href":"https:\/\/hanhomesoldrealty.com\/en\/wp-json\/wp\/v2\/pages\/20405\/revisions\/26860"}],"wp:attachment":[{"href":"https:\/\/hanhomesoldrealty.com\/en\/wp-json\/wp\/v2\/media?parent=20405"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hanhomesoldrealty.com\/en\/wp-json\/wp\/v2\/categories?post=20405"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hanhomesoldrealty.com\/en\/wp-json\/wp\/v2\/tags?post=20405"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}