subject: Have you recently immigrated to Canada? [print this page] Have you recently immigrated to Canada? Have you recently immigrated to Canada?
If you have recently immigrated to Canada, then you understand that it is probably the most difficult choice that you have ever made. You have left your native country behind and have set out on your new life in Canada. All of the familiar systems and practices that made common sense at one time, have now been replaced with uncertainty and the unknown. The good news is that you don't need to feel alone, or vulnerable. I can help to give you the tools and give you the information that you will need in order to buy a HOME!
Building credit by opening a bank account, opening public utility accounts and applying for credit cards, are a few of the simplest ways to begin building your credit. These few things will help establish you in the credit world, and with consistent, on time payments, you will become a perfect candidate for The New To Canada Mortgage Insurance Program. This program helps new immigrants purchase a home with a down payment of 5%, build equity and help you become financially established.
Here are a few key features of the program:
No minimum income requirement
Reduced minimum Canadian Employment history
Reduced down payment requirement
You can take advantage of this program for up to 24 months after arrival
Standard Genworth mortgage insurance premiums
There are a few program requirements that must be met in order to be considered:
A Work Visa and application for Landed Immigrant status
Other sources of credit history like confirmed, documented, on time rent paid for 12 consecutive months
Regular savings for 12 months
In order to qualify you must:
Be relocated or immigrated to Canada
Have a minimum of three months full time employment in Canada
Have a valid work visa or obtained landed immigrant status
An important note to remember is that all debts held outside Canada must be included in the total debt servicing ratios, so ensure that all debts you may have had prior to relocating to Canada, have been paid in full!
Once you have fulfilled all requirements and met the programs criteria, Genworth will insure the mortgage that you've been approved for.
It is imperative that you consult a mortgage professional once you feel that you are a prime candidate for Genworth's program. Time wasted in contacting a mortgage professional could mean that you no longer qualify for the Program and your wait for a mortgage could be a lot longer.
For more valuable information regarding mortgage rates, please visit themortgagedoctor.net
