The following information is intended as an overview to mortgage financing for newcomers to Canada.  Both newcomers from overseas and clients intending relocating within Canada may further benefit from more detailed information to be found at GrahamConnor.com

As mortgage lenders’ policies and interest rates change over time, no one lender remains the most competitive or offers the best solution for all clients at any given time.  Vancouver ProCounsel mortgage services have access to a wide range of specific options which no one bank can offer and tailors solutions to meet a diverse range of situations. Mortgages are placed with the main Canadian banks, credit unions and specialist broker-only lenders offering an unparalleled choice to the client.   

Mortgage qualification is a key component in the relocation process.  The assessment of how to qualify and for how much will help determine the type of property available in any given area.  Remember to consult before the move to make the best use of our services and save money.  In some cases, interest rates can be held up to six months before a move to Canada. 

Mortgage lenders may consider an equity mortgage where proof of income earned in Canada is not required.  Equity mortgages are only available to those who meet specific immigration guidelines.  Minimum down payment requirements of between 25% and 35% of value apply across the range of equity mortgages.

Here the lender determines the maximum amount to be borrowed based upon clients’ proven income, together with the prevailing interest rates of the particular lender.  Specific immigration requirements apply to these types of mortgages.  Lending is available here with a little as 5% down payment.

Mortgage insurers have recognized the needs of clients new to Canada.  Specific programs are in place to assist the smooth transition into home ownership.  Properties purchased with less than 20% down payment require lender insurance by law.  It’s noteworthy that so called hi-ratio mortgages require the client to have worked in Canada for three months before they can complete their home purchase.  Some exceptions apply.

Vancouver ProCounsel mortgage services will work closely with your chosen real estate agent at every stage.  Arranging property appraisals, help with down payments, loan advances and introductions to trusted property lawyers or notary publics completes the service.