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Newcomer mortgage options

You’ve made the move to Canada – welcome home! As you establish new roots here, you may be looking to buy your first property. With BMO, you can get settled in sooner. We’ll be here every step of the way to help you in your new homebuying journey.

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Cash Back offer

Get up to $4,100 cash back with a new qualifying BMO mortgage until June 27, 2025.

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Buying a home in Canada

Buying your first home in Canada is a big and exciting step in your journey as a newcomer. If you’re a permanent resident who has recently immigrated here in the last five years or if you currently hold a valid work permit, you may be able to take advantage of the homebuying resources available to you.

Your first steps

Exploring Canadian homeownership may start with a few steps, which include:
  • Understanding the housing market and how mortgages work
  • Building your credit
  • Building your employment history
  • Saving for a down payment
  • Sorting out key documents
  • Translating foreign documentation
No matter where you are in your journey, we’ve got you covered. We’ll make sure you can shop for your future home with confidence.

Here’s how we’ll get you mortgage-ready

Tailored home-financing options

We’ll work closely with you to help you learn more about our specially designed newcomer programs.

Limited credit or income history accepted

You can qualify for a mortgage even if you have a limited or no Canadian credit history.

Competitive rates and a great mortgage rate guarantee

Lock in your rate for 130 days - the longest of any major bank in Canada.

Guidance in your language

Connect with one of our Mortgage Experts and get expert insight in your preferred language.

Take advantage of our newcomer programs

Whether you’re looking to open a savings account, save for your future down payment, build your credit or more, our programs can help get you started – that’s our way of welcoming you home.

  • BMO NewStart® Program

    Get your banking set up fast and easily with our NewStart® Program so you can start making real financial progress.

    Get started
  • New to Canada Savers Advantage Program

    If you’re a permanent resident, learn how your savings can help towards buying a home through BMO’s New to Canada Savers Advantage Program.

Frequently Asked Questions

  • As a newcomer, you are eligible for a mortgage:

    • If you’re a permanent resident who immigrated to Canada in the last 5 years or;
    • If you currently hold a valid work permit

    Wondering what else you might need to know? Talk to an expert and we’ll be happy to walk you through the details.

  • Buying a home can be both exciting and a lot to process. Luckily, we’ve broken this down into four steps to help you navigate your journey:

    1. Pre-approval: If you’re serious about homebuying, you can talk to an expert to get you started on navigating your budget and important paperwork, so that you can shop with confidence.
    2. Make an offer: Ready to put a bid on your dream home? Here are some tips on how to negotiate an offer.
    3. Close the deal: You’re almost there! Now that your offer has been accepted, get ready to fund your mortgage and prepare for closing costs.
    4. Manage your mortgage: Congrats, you’re a new homeowner! Take charge of your new mortgage by getting mortgage protection insurance or learn how you can pay your mortgage faster.
  • Good news, you can! You’ll need to have variety of documents on hand to prove your financial reliability, which can include international employment history. If you have a job in Canada with a regular income or have adequate savings, you may be eligible to apply to one of our mortgage programs. Talk to an expert to learn more or get you started.

  • Mortgage application requirements for a newcomer are often more comprehensive, since you’ll need to prove your financial reliability to mortgage lenders without a Canadian banking, employment, and credit history. Here are some documents that you’ll want to have on hand:

    • Permanent resident status or valid work permit
    • Proof of income and employment
    • Record of down payment

    You may also need to have:

    • Proof of rental payments and a letter from your landlord
    • Records of payments to Canadian service providers (like cell phone plans or utilities)
    • Savings documentation

    Our Mortgage Specialists can work with you to sort out the necessary paperwork and get you mortgage-ready.

Helpful resources to kickstart your journey

    Get in touch with us to learn more or get started

    • Call us today

      Get expert insight from one of our Home Advisors.

      1-866-262-1618
    • Connect with us

      Have questions? Get expert insight every step of the way.

    • Visit us

      Book an appointment at your nearest branch to chat about your mortgage options.

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