A mortgage broker is working with a new immigrant who has recently arrived in Canada. The client has limited Canadian credit history but significant assets and a strong employment contract from their home country. What is the most appropriate approach for the broker to assist this client in qualifying for a mortgage?

Question: A mortgage broker is working with a new immigrant who has recently arrived in Canada. The client has limited Canadian credit history but significant assets and a strong employment contract from their home country. What is the most appropriate approach for the broker to assist this client in qualifying for a mortgage?

Answer options:

• Advise obtaining several high-interest credit cards to build credit quickly. ✅ Focus on presenting their international credit history and assets, alongside a strong employment letter, to lenders with New Immigrant programs.
• Suggest delaying the mortgage application for five years until a full Canadian credit history is established.
• Recommend applying only for private mortgage options due to the lack of Canadian credit.

Correct answer: Focus on presenting their international credit history and assets, alongside a strong employment letter, to lenders with New Immigrant programs.

Explanation: Lenders with New Immigrant programs often consider alternative forms of credit adjudication, such as international credit reports, foreign asset verification, and strong Canadian employment contracts, to offset the lack of Canadian credit history.