New Comers To Canada

New Comers To Canada

newcomersA new to Canada mortgage is part of the New To Canada Mortgage Insurance Program, which allows people who have relocated to Canada to buy a home faster than usual with a down payment as low as 5 percent. It can be frustrating for new arrivals to obtain a mortgage after moving to Canada, but this loan type can make the process much easier.

New to Canada mortgages feature high loan-to-value ratios for qualified borrowers, extended amortization rates, low down payment options and flexibility in choosing between a fixed-rate or adjustable-rate mortgage.

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