Mortgage Options for New Canadians
1.1 million people have immigrated to Canada in the past 5 years. That's helped Canada's immigrant population grow at 4 times the rate of the overall country.
Not surprisingly, these new Canadians are becoming an important source of business for mortgage professionals.
To serve them well, however, one must understand their unique needs. Here are a few related facts of note:
- 91% of new immigrants feel that purchasing a new home is important to them, according to a recent Genworth survey.
- 72% of immigrants surveyed think their lack of credit history is a barrier to buying a new home.
- 45% say that understanding English-language mortgage information is difficult.
- 83% are concerned about their ability to save for a downpayment.
- The most popular reason immigrants give for buying a home is: "It is a good investment."
New Canadians clearly want to own homes, and educated mortgage professionals are their best shot at achieving this goal. Mortgage planners now have access to a variety of mortgage programs for new Canadians, including:
- CMHC's Newcomers to Canada (100% financing)
- AIG's Maple Leaf Advantage (97% financing)
- Genworth's New to Canada (97% financing)
If you're a broker in a major population centre, know these programs well.
If you're new to Canada, contact us or any good mortgage planner to see if one of these mortgage options might work for you.
We'll do another article in coming weeks on the key differences between these programs...
