NEW IMMIGRANT MORTGAGE
You are in Canada now and you are one step closer to your dream of owning a new home.
Being a new immigrant, life can be fairly challenging.
But with a NEW IMMIGRANT MORTGAGE, buying a home in Canada is possible—even without established credit or verifiable income.
There are many programs available (some government backed, with as little as 5% downpayment from your own required resources) for new immigrant mortgages. In fact, many people would argue that new immigrants receive more favourable terms than the average Canadian when applying for a mortgage.
Why you would consider a new immigrant mortgage for a Second-Home:
- Do you have a child or family member who is away from home? Perhaps they are studying, or they have relocated for employment?
- Or have you been considering a second-home mortgage to purchase investment property, to rent out, for cash flow, as part of your financial future?
- With interest rates as low as they have been, for as long as they have been, many have been mulling over the idea of buying a second property.
- In many cases it is cheaper to buy that second home for a family member than to pay rent. And let’s not forget, when we rent – we are paying into someone else’s pockets vs building our equity.
Tips for Purchasing an Investment Property:
- Use the Equity that has been built up in your property towards the down payment of an Investment Property
- You can finance up to 80% of the value of the investment property, and the rental income can pay for the mortgage and all the expenses.
- The Power of owning even just ONE investment property can help you change your life – pay your mortgage off in half the time, save for your children’s education or retire 5 years sooner
A couple of Costs to Consider along the way as well
A couple of Costs to Consider along the way as well
1. Property Transfer Tax
2. Assessment value vs Market Value of a property you are interested in
Many Canadians, including those applying for a NEW IMMIGRANT MORTGAGE, are now seriously considering taking the plunge into buying a second property, be it for a family member, or an investment property to rent out.
Watch this video about our Second Home Mortgage and Rental Property services to find out what you need to know
How Can I Help?
MORTGAGE SERVICES
Mortgage
Purchasing
Let’s face it, few can afford to buy a home outright, but a New Immigrant Mortgage can make it feasible.
Our process starts with a 20-minute phone call. Often times, we can address 99% of your questions & concerns, and we can tell you how much of a mortgage you’d qualify for.
Mortgage
Refinance
It might seem strange, but you might actually be able to save money by refinancing your mortgage… Depending on the rate environment and your contract, I can help you figure out if it makes financial sense for you to refinance. Even with the fees & penalties – you could save thousands.
Mortgage
Renewal
If you are planning on renewing your mortgage with your current lender, you may be leaving money on the table. We can negotiate a better deal. You may also want a new mortgage product upon renewal, and we will show and guide you how to choose the mortgage that suits your future goals.
Debt Consolidation
Mortgage
Do you want to use your mortgage to consolidate your debt to manage your credit cards, car loans, taxes, or any other high interest bills? When executed well, alongside a short – and long-term plan, debt consolidation loans can help you reduce your overall debt burden while freeing up cash flow.
Sepration or Divorce
Solution
The truth is that divorce is difficult and stressful enough on its own. And when living arrangements, mortgages and financial instability start to pile up, it becomes a disaster. Don’t go into your divorce or separation with your eyes closed… You should be prepared for every financial thing that your partner could throw your way.
Mortgage Special
Servicese
In addition to our normal offerings, we have special programs for special situations. Learn more about our 10-Year Mortgage Rates, Mortgages For Heroes, & our Mortgage Adoption Process.
A mortgage for a Second home should not be confused with getting a remortgage or a second position charge mortgage.
Here in Canada, you have the ability to declare one home as your primary residence. If you already own a home, and you buy another home, then it is viewed by the lenders that you are purchasing a second home, should you wish to apply for a mortgage.
Even if you wish to make the second property your primary residence, and rent out the current place that you live in, or rent out the new home, your application will be treated as a second property mortgage because you already have one mortgage.
These details can sometimes be confusing.
We are here to help and you can depend on us to help provide you with clarity through the murky waters of navigating through the different terminology and processes. We will be by your side to help you navigate through this and reach your personal and financial goals.
Typically, you will require a larger down payment for your second property, and the interest rate might be slightly higher than your first mortgage.
There are exceptions and we will have to review your case individually to determine if you qualify for an exception. In most cases, if you do not require the use of any rental income being generated from your second property to use for qualification, or you are going to be moving in to the second property. You might be eligible, so long as you qualify, to put less a down payment (under 20%) and a lower interest rate.
Call us today at 778-233-2377 to help you assess the whether buying a second property is right for you.
We will not only help you reach your second-home goals through mortgage strategies—but we’ll do it while protecting your credit score, your first home—and your family’s security.