Mortgages for Newcomers to Canada - Axe Mortgage Brokers

New to Canada? We simplify your mortgage journey.

Dreaming of owning a home in Canada? Our approachable, highly-trained brokers are here to assist you from the start until you step through your new front door.

No matter where you're coming from, we speak the universal language of mortgages—with brokers fluent in various languages to help you better understand the process.

We prioritize your best interests because we're individuals who have also made Canada our home. Whether you're from India, China, the Philippines, or elsewhere—welcome to our great nation!

Are you eligible for a mortgage as a newcomer to Canada?

As a newcomer, you'll need to meet specific qualification and eligibility criteria. You can purchase a primary residence in Canada if you:

Have authorization to work in Canada and hold a valid work permit (additional details may apply)
Are a permanent resident
Are a refugee or temporary worker (additional details may apply)

Secure the best rate and mortgage product to save more.

Regardless of which bank you're associated with upon moving to Canada, you might find a mortgage with another lender that offers greater savings.

We liaise with banks and lenders on your behalf, leveraging our substantial volume to pass along discounts. You'll receive excellent, unbiased advice to maximize savings on your first Canadian mortgage.

What down payment is required for newcomers?

Permanent Residents: Subject to federal eligibility, you can purchase a home with a down payment as low as 5% (note that home price restrictions apply).
Non-Permanent Residents: A minimum down payment of 10% may be necessary.

If your down payment is less than 20%, mortgage default insurance is required, which may help you qualify for a better rate.

Insured mortgage programs available for newcomers.

All three mortgage default insurance providers—CMHC, Sagen, and Canada Guaranty—offer "New to Canada" programs to assist eligible individuals in obtaining a mortgage.

Features of these programs:

Permanent Residents: Access to all CMHC, Sagen, and Canada Guaranty mortgage insurance products (subject to specific eligibility requirements).
Limited Canadian Credit History: For permanent residents lacking extensive Canadian credit history and without available foreign credit reports, alternative payment history sources may be considered for Loan-to-Value (LTV) ratios up to 95%.
Non-Permanent Residents: Subject to federal eligibility requirements, may access insured financing up to a 90% LTV ratio for purchasing a one-unit, owner-occupied residential property.
No Additional Fees: Standard product-specific premiums apply, with no extra charges due to residency status.

Benefits of these programs:

Access to Homeownership: These programs simplify and streamline the mortgage qualification process for homeownership.
Competitive Interest Rates: Insured financing provides access to favorable mortgage rates from various Canadian banks.

Wide Availability: Applicable nationwide, with no set maximum loan amount.

Steps in the mortgage process for newcomers:

Assess Eligibility: Lenders will review your employment history, credit score, and other financial details. Our brokers can help determine your eligibility and advise on any necessary preparatory steps before applying.
Obtain Pre-Approval: Before house hunting, secure pre-approval for a mortgage with the best rate and suitable product for your situation. This clarifies your budget and streamlines the home-buying process.
Select Your Mortgage: Various rate types and mortgage options are available. Our brokers will explain the differences between fixed and variable rates, helping you choose the most suitable one.
Submit Your Application: After making an offer on a home (ideally with financial conditions), apply for full mortgage approval through your broker. They'll assist in gathering necessary documentation and submitting your application to the lender.
Finalize the Purchase: Once approved, you can waive the financing condition and proceed to close the deal. You'll need to provide your down payment when the lawyer is ready to transfer the mortgage funds on your closing date. Your broker will guide you through this process.

Seeking assistance in your preferred language?

Find Your Agent: Use our directory to select an Axe Mortgage Broker expert based on your preferred language.
Contact Us: Reach out via phone or email, or call our main line for support.

At Axe Mortgage, our diverse and helpful brokers come from various backgrounds. Across Canada, we strive to provide easier mortgage access at the best rates.

Take a Walk Through the Mortgage Process with Us. You'll Be Glad You Did.

It's Easy to Secure Your Optimal Mortgage.

Apply online now or request a callback.

We Offer Superior Mortgages. What Do You Need?

Purchase Plus Improvements: Need to renovate? Welcome to a manageable loan with one best rate.
Vacation and Second Homes: Considering a second property? Simplify the process with our better rates.
Compare & Save Calculator: See how much you can save with our lower rates.
Newcomers to Canada: New to Canada? Let's explore your path to homeownership.
First-Time Home Buyers: Get the best start and save significantly with our mortgage experts.
Proof That Our Rates Are Lower: Our rates are 0.20% lower on average compared to others. Prove it? Okay!