How long will it take to an immigrant build enough credit history for getting a mortgage in Canada?
If you are a “landed immigrant” – a permanent resident of Canada, the mortgage qualifications are the same for you as the are for a Canadian citizen. From the website: “Question.. If I become a landed immigrant, will this change my qualification requirements? Answer.. As a landed immigrant, you would qualify the same as if you were a Canadian Citizen. You will however be required to have established some type of credit in Canada in order to qualify for financing. If you don’t have any credit established in Canada, lenders would have to fall back on your credit history from your country of origin and lower the loan to value ratio to 65%.” Generally, you will need to have about 5 years of established credit to qualify for a mortage without having the loan to value ratio decreased. Good luck! 🙂 Sources: http://www.lendingmax.ca/artman/publish/Canadian_mortgage_for_a_US_Citizen.
