Frankie’s Fredericton

Here is some information that you may find useful if you are a recent newcomer to Canada or are thinking about coming to Canada.

In order to get a mortgage in Canada with a 5% down payment, you must have received your Permanent Resident Status, have been in Canada for at least one year and you must have an established record of credit and savings.

If you are a new arrival and do not have Permanent Resident Status, you will need 10% down payment to purchase a property and a source of regular income that can be proven.

If you have a down payment of 25% to 35%, the requirements are less strict and each individual will be assessed individually.

If you are considering a move to Canada, please obtain letters of reference from the bank you deal with in your country. This letter should be dated within 30 days and will greatly speed up the lending process in Canada.