Buying a home in Nanaimo as a new immigrant to Canada
I was contacted earlier this week by a Japanese family considering a move to Nanaimo. They had some really good questions about how they would go about buying a home in Nanaimo as a new immigrant to the country.
I asked Kim Ross, Mortgage Specialist with TD Canada Trust if she would share with me the steps a new immigrant needs to take in order to get a mortgage here.
Kim said that New Immigrant applicants will not have an established credit history in Canada therefore must provide the following if they have a 35% down payment:
- Satisfactory international credit bureau, or
- Satisfactory letter of reference from Bank in their country of origin, or
- Evidence of liquid assets available in an amount equal to at least 6 months principal, interest and taxes, in addition to the down payment (investment statement/ confirmation must be current and dated within 60 days of date of application).
- Applicants must be residents in Canada (Landed Immigrant Status) or confirm an application for Landed Immigrant Status has been made and received/acknowledged by Immigration Canada.
- Verify that no more than 3 years have gone by since the date of being granted the Landed Immigrant Status or the application date for the same, as applicable.
- Confirmation of minimum 35% down payment plus closing costs, without recourse to additional borrowing and that the funds are in Canada before instructions are sent to the lawyers.
- maximum amortization 25yrs
It is also possible to arrange financing with 25% down. For information on that or any other finance questions please contact me and I will be happy to refer you to Kim.