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The rules for granting a mortgage loan for newcomers are constantly changing. A newcomer to Canada can access a mortgage by putting a down payment of approximately 35% of the cost of the property. In addition, they have to prove that they can afford payments for mortgage for the next 12 months by showing their bank statement from a Canadian bank. The amount have to be in the bank account for at least 30 days before they apply for the mortgage approval. And of course the person has to be at least a permanent resident. A proof of source of income is required to prove that the repayments will be made on time. For a self-employed person to qualify for the mortgage, they would need to prove a two year self employment history.

The most important reason for using a mortgage broker is that they are experts in their field. They represent you with the bank or lender and try to get you the maximum amount of mortgage at the best possible rates of interest. They are usually associated with multiple banks and financial institutions offering mortgage loans. They can thus find a mortgage lender that would offer you a loan based on your financial conditions. When you are buying a property, you don’t even pay the mortgage broker any fees for their services. They save you time both for researching a suitable mortgage lender as well as guiding you on the process.

Content Insurance is a type of insurance that pays for damage to or loss of your possessions while they’re located in your house or temporarily away from your home. Content insurance also applies to the things that are not permanently attached to your home. In short, it can be termed as a coverage for our prized possessions at the time when we are not at home or present at home.