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New Comer To Ontario

New immigrants to Canada play a vital and important role in the future population growth of Canada. They also help in creating and establishing new opportunities for marketing. All immigrants, whether they have permanent or non permanent status of residence, are offered insured financing for borrowing loan. With this facility of insured financing, the immigrants find it much easier to buy a home in Canada and their dream of owning a house is accomplished.

"New to Canada" is a policy which supports the mortgage financing to new comers to Canada. A large number of banks in Canada have acquired this insured policy to facilitate the immigrants in home buying. This policy is provided to new immigrants who have zero Canadian credit score. Banks have adopted this policy in collaboration with Glenworth Financial and Canada Mortgage and Housing Corporation. They are mortgage insurance companies which were listed as defaulters.

In the past, the new immigrants to Canada were only offered with mortgage lending which were the guidelines of Equity Lending. The applicants were only allowed to borrow only 75 % of loan-to-value limits. But with the introduction of New to Canada policy, the new comers and new immigrants who have qualified for this new insurer's program will be able to borrow 95% mortgage financing of loan-to-value limits.


This policy focuses on following features:

  • This policy is not only available for newcomers with Canadian immigration status and with a established history of Canadian credits, but also for the applicants who have recently received status of Canadian immigration but they did not get enough time to create a history of Canadian credits.
  • There is no requirement of minimum period of residency and there is no additional fees charged in residential status.
  • The payments are available for 35 years.


Certain standards are set for the immigrants who can qualify for this program. The criterion to qualify for this policy includes:

  • The applicant must have migrated or shifted to Canada in the period of last 3 years.
  • The borrower must be working as a full time employee for at least 3 months. The borrowers, whose employing companies have shifted them to Canada, can also avail this program and are considered on exceptional basis.
  • The applicant must acquire the status of landed immigrant. This refers to the person who has been admitted to Canada as a non-Canadian citizen permanent resident.
  • If the applicant is sponsored by someone then the confirmation of income of that person is also required.
  • The applicant must have a maximum ratio of 32% for Gross Debt Service and 40% for Total Debt Service.
  • The debts which are not held in Canada must get included in Total Debt Service. If the applicant is earning rent from outside of Canada, then it must be excluded from Gross Debt Service and Total Debt calculation.
  • Insurance premiums and standard pricing apply to qualifying criteria.