Mortgages for Newcomers to Canada in Abbotsford and the Fraser Valley
Buying your first home in a new country can feel overwhelming. New credit rules, new banks, new paperwork. I understand, because I was a newcomer myself. After more than 20 years in banking, I built a new career in Canada and became a mortgage broker in 2016. Today, I help newcomers across Abbotsford, Chilliwack, Mission, and the Fraser Valley take the same step toward owning their first Canadian home.
I offer consultations in English, Urdu, Hindi, and Punjabi, so you can discuss one of the biggest decisions of your life in the language you’re most comfortable with.
Who I help
– Permanent residents who have recently arrived in Canada
– Work permit holders with a permanent job in Canada
How newcomers qualify for a mortgage
Every situation is different, but lenders generally look at four things:
1. Your employment. Banks generally won’t approve a mortgage while you’re still on probation at your job. Your job should be permanent, full-time or part-time. If your work is casual, lenders usually want to see two years of work history.
2. Your down payment. Your down payment needs to be in your account for a period of time before you buy, usually 30 to 90 days. Money from abroad is acceptable when it’s transferred from a bank in your home country to your Canadian bank account. Gift payments from family members are also acceptable.
3. Your credit history. Don’t worry if you have little or no Canadian credit yet. You can start building it right away (see below), and your rent payment history and bank statements can also help show you manage money responsibly.
4. Your residency status. Permanent residents can often buy with as little as 5% down on the first $500,000 of the purchase price. Work permit holders may need a larger down payment, depending on their credit history and the program.
Building your Canadian credit, starting now
One of the first things I recommend to newcomers is getting a secured credit card with a small limit, such as $200, $300, or $500, and using it regularly for small purchases that you pay off in full. A Canadian credit history can begin building in about 7 to 8 weeks, and every month of on-time payments helps.
My most important advice: avoid new debt
I tell every newcomer the same thing: don’t take on any new debt until you’ve bought your first home. A car loan, a line of credit, or a large credit card balance can reduce the mortgage amount you qualify for, which means a lower purchase price for the home you want. Talk to me before making any big purchase on credit.
Documents to have ready
– Permanent resident card or valid work permit, plus your passport
– Employment letter and recent pay stubs
– Bank statements showing your down payment
– Gift letter, if family is helping with your down payment
– Proof of rent payments, if available
Frequently asked questions
Can I get a mortgage if I just arrived in Canada?
Yes, once you have a permanent job and have completed your probation period. If your job is casual, you’ll usually need two years of work history.
How much down payment do I need?
Permanent residents can often buy with as little as 5% down on the first $500,000 and 10% on the portion above that. Work permit holders may need more. I’ll tell you exactly what applies to your situation.
Can my down payment come from my home country?
Yes. It should be transferred from a bank abroad into your Canadian bank account and stay there for 30 to 90 days before you buy. Gift payments from family members are also acceptable.
I don’t have a Canadian credit history. Can I still qualify?
Often, yes. Start building credit right away with a secured credit card and keep records of your rent payments and bank statements. I’ll help you plan the timing.
Can we meet in Urdu, Hindi, or Punjabi?
Yes. I offer consultations in English, Urdu, Hindi, and Punjabi.
Ready to start?
Let’s talk about your situation, with no cost and no obligation. Call me at 604-807-6428 or email faisalwaheed@dominionlending.ca. I meet clients at my office in Abbotsford and by appointment in Surrey.