Rate update on 24 September 2015

Rate remaining:

1 year closed fixed rate: 2.79
2 years closed fixed rate: 2.19

5 years fixed : 2.69

5 years variable closed: 2.10
5 years variable open: 3.50

Prime rate (P) 2.70

Rate update on 1 May 2013

Rate remaining:

1 year closed fixed rate: 2.64
2 years closed fixed rate: 2.75

5 years fixed : 2.89

5 years variable closed: 3.00
5 years variable open: 3.60
Prime: 3.00

Purchase Financing for New Immigrants.

You can buy a house in Canada using a bank mortgage at the very beginning of the immigration process.

General Requirements:
• Confirmation of the application for permanent residence in Canada;
• It is possible to finance up to 65% of the purchase price (with minimum 35% down payment) for a single-family house, duplex, triplex or quadruplex.
• Further residence in the real estate to be purchased is obligatory.
• Mortgage term is from 6 month to 10 years.
• The maximum mortgage amortization period is 25 years.
• The down payment can NOT be made by a credit card, by using a line of credit or gifted by a close relative.
• Credit history and employment in Canada are obligatory.

Upon purchase, you have to show the availability of the following amounts:
1. Availability of 35% of the down payment and confirmation that the money came from legal sources (confirmation of a property sale or an account record confirming that the money was on your bank account for the past 30 days or simply a bank transfer by another bank to your account in Canada, or a customs declaration upon arrival to Canada);
2. Availability of 1.5% of the purchase price as the bank should see that you have money to cover the purchase expenses (paying for notary services, taxes and other expenses);
3. Availability of the amount required for the mortgage payment for the first six months.

Documents Required for Getting the Mortgage:
• Confirmation of the application for permanent residence in Canada or received approval for the permanent residence;
• A reference letter from a foreign bank confirming your reliability as a client;
• Confirmation of the down payment and additional amounts.

Purchase Financing with Minimum 5% Down Payment

General Requirements:
• Half a year minimum period of residency in Canada;
• Credit history built for at least 6 months;
• Availability of two credit cards minimum in active use with total balance of $2000 for each applicant;
• Minimum 3 months of specialty-related work experience without a probation period;
• It is possible to finance up to 95% of the purchase price (with minimum 5% down payment) for a single-family house or a duplex;
• 90% of the purchase price (with minimum 10% down payment) for a triplex or a quadruplex;
• Further residence in the real estate to be purchased is obligatory;
• Mortgage term is from 6 month to 10 years;
• The maximum mortgage amortization period is 35 years;
• The down payment can be made by a credit card, by using a line of credit or gifted by a close relative.

Down Payment Requirements:
While applying for a mortgage, you have to prove that the money was taken from legal sources. This can be done as follows:
• Provide your bank account slip for the past 30 days with current amount on the account;
• If the money was received from sale of real estate, provide a notary letter with all the amounts distribution;
• If the money was gifted by one of your relatives, provide a deed of gift letter stamped by the bank, which confirms the money availability on your account or bank account slip for the past 30 days.