If you are new to Canada, applied for your social insurance number, have found employment & hope to buy a home please take note of the following so you can qualify for a mortgage sooner.

☑️ Find a full time job with guaranteed hours

☑️Open bank account to start saving for down payment, usually 5% is minimum required

☑️Apply for a credit card, if you don't qualify right away you can apply for a secured card through companies like Capital One MasterCard

☑️Make sure your name is on at least 2 utility bills or cell phone bill

☑️Have your name on the rental agreement for current home

☑️Pay your bills on time to start establishing credit

Most lenders will allow New to Canada applicants to use 'alternate' credit to qualify. Clients are usually asked for 12 months of bank statement to show utility bills and rent payments so please either pay these bills with cheques or by online banking when possible. If you pay cash for rent or any other utilities please have your receipts available.

Down payment can be gifted by an immediate family member but if funds are coming from another country we must have a paper trail showing transfer details.

The following are most common documents you will also be asked to provide when applying for a mortgage:

☑️Complete a mortgage application listing employment info, all debts & assets

☑️ most recent pay stub, letter of employment

☑️Notice of Assessment from CRA for last 2 years if you've filed taxes here in Canada

☑️Proof of down payment, 3 months banks statements showing where funds are, if gifted funds a gift letter is required

If you have any questions please don't hesitate to ask! Let's get you into a home soon! 250-219-2323 or email me at terrik@paragonmortgage.ca

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