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mortgage in Canada

Yes, newcomers to Canada and first-time homebuyers can qualify for mortgages. Lenders may require additional documentation, such as proof of income, a good credit history in Canada, or a larger down payment. Special programs and incentives are also available for first-time buyers.

A mortgage broker has access to a wide range of lenders and can shop around for the best mortgage rates and terms on your behalf. They provide personalized advice, handle the paperwork, and help you navigate the mortgage process, saving you time and potentially money.

Breaking a mortgage early usually incurs a penalty, which could be a percentage of your remaining balance or an interest rate differential. It’s important to review your mortgage contract and consult with your lender or broker to understand the costs involved before making a decision.

To improve your chances of approval, maintain a good credit score, reduce your debt levels, have a stable income, and save for a sufficient down payment. Providing all necessary documentation promptly and working with a mortgage broker can also increase your chances.