New Immigrants Canada Mortgages Program
I would like to expand a little bit on the new to Canada program as it is one of the most popular programs that helps the new immigrants to purchase their dream home without having to worry too much about their financing with the bank.
Due to heavy regulations, the new to Canada program has been scrutinized and it is on the changing trend. “Income” was not required in the past and as long as sufficient down payment and savings were provided, deal would be approved. RBC has officially announced that income is now a must-see piece in the whole picture to rationalize as to why the applicant is able to service the mortgage in the long run, and it is just a matter of time that other banks will do the same. Despite the fact that no clear policy is requiring for income documents, the fact is it is extremely hard to approve a deal without using proper income to support the rational, unless there is a reasonable story behind it as to explain why there is no income at the time of application.
With that being said, it doesn’t mean that standard income-qualify criteria will follow. Even if the provided income can’t support the mortgage volume, we can predict that income is on an increasing trend and thus ability to service the debts will become stronger. Personal savings could also help the deal get approved. Within the program, what the bank is looking for is the elements that reduce the risks. The more elements we provide to demonstrate why this applicant is eligible and qualified, the better chance we have to push it through.
At the end of the day, there is no black and white in lending, and we can still get a lot of exceptions depending on the situations. Underwriters are still human beings and they as well have their preferences and appetite. As long as we can find a way to direct the deal to their expectation, the new to Canada mortgage program is still one of the best we can offer.
Finding a Mortgage Broker in Surrey that can make it easy to connect with you in person or at an office close by then look to speak with Long Chen. Long is available outside of normal banking hours, including evenings and weekends, to suit your schedule.