SUGGESTIONS PRIOR TO ARRIVING IN CANADA

1. Bring a bank reference letter from a recognized financial institution;
2. Bring a foreign credit bureau.

TIPS TO HELP YOU QUALIFY FOR A MORTGAGE

1. As soon as you arrive in Canada apply for a credit card and open a bank account.  If you are married be sure that both husband and wife’s names appear on the credit card and bank account; and that the credit card reports your payment history on both your credit bureaus.  This is very important as mortgage lenders want established credit for all parties applying for a mortgage.
2. Be sure to make minimum payments on all open credit cards or credit lines on time all the time;
3. Keep all bank statements; (as a minimum of 6 months will be required to verify banking history) – ensure that there are no NSF cheques on the bank statements;
4. Make all Rent Payments on time – as Rent may be used as an alternative credit history;
5. Retain all utility bills (cell phone, phone line, gas, water, heat, electricity) and ensure all are paid on time, as these may also be required to establish a credit history;
6. You must be employed for a minimum of 3 months in Canada unless you are being transferred under corporate relocation program;

When you are ready to get pre-approved to purchase, contact a VERICO One Link Accredited Mortgage Professional or apply online today. 

We are experts at assisting new immigrants and making their dreams of home ownership a reality.