When it comes to qualifying for a mortgage, there are two main classifications that Canadian banks look at when qualifying newcomers:
Temporary Resident: newcomers with valid work permits
Permanent Resident: newcomers that have graduated from Temporary Resident classification and have been granted extended privileges to live and work in Canada, or are continuing on the path to become Canadian citizens Both Temporary and Permanent Residents can qualify for a mortgage in Canada.
Basic mortgage qualification criteria for Temporary and Permanent Residents
I arrived in Canada and want to buy a house – what do I need to know about mortgage qualification?
(May 12, 2022)
When it comes to qualifying for a mortgage, there are two main classifications that Canadian banks look at when qualifying newcomers:
Temporary Resident: newcomers with valid work permits
Permanent Resident: newcomers that have graduated from Temporary Resident classification and have been granted extended privileges to live and work in Canada, or are continuing on the path to become Canadian citizens Both Temporary and Permanent Residents can qualify for a mortgage in Canada.
Basic mortgage qualification criteria for Temporary and Permanent Residents
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