In Canada, most people need to get a loan from their bank if they want to buy a home. A loan for buying a home is called a mortgage.

To apply for a mortgage your history in Canada of paying bills and paying back loans on time, is one part of how Canadian banks decide on whether to approve you for a mortgage. If you are new to Canada, CIBC offers programs that may help you qualify for a mortgage, even if you do not have Canadian credit history. The mortgage programs available are:

  • CIBC Newcomer to Canada Program Mortgage1 – This program is for you if you have limited credit history in Canada and have the required Canadian income needed to afford mortgage payments.
  • CIBC Newcomer to Canada PLUS Program Mortgage2 – This program is for those new to Canada or Canadian citizens who were formerly living abroad and are now permanently living in Canada. Applicants may qualify with limited or  no credit history in Canada and are working to re-establish their career in Canada.
  • CIBC Foreign Worker Program Mortgage3 – This program is for those with a valid work permit. You may qualify even if you do not have Canadian credit history.. 

If you are thinking about buying a home but have not found the right home yet, it is still a good idea to talk to us about a mortgage now because we can guarantee a fixed interest rate for up to 120 days.

To help provide you step-by-step to get started, you can have us call you or you can contact a Mobile Mortgage Advisor. If you are ready to start the mortgage process, you can also get pre-approved for a mortgage now.