Anna Labadze Vancouver Realtor Century 21 In Town Realty 604.782.3552
Mortgages for non-residents
Financing is available for up to 65% of the purchase price of the property and some lenders will offer their best discounted interest rates to non-resident purchasers.
Mortgages in Canada generally have up to 35 year amortization periods and most institutions will guarantee an interest rate for terms ranging from 1 to 10 years.
It is possible to arrange financing with less than the 35% down payment however these lenders charge a higher rate of interest which can be from 1 to 3% higher than the deepest discounted rates.
Typically lenders will require the following documentation from non-resident clients:
- Confirmation of satisfactory credit history by an international credit report demonstrating a strong credit profile and/or a reference letter from a recognized financial institution
- Proof of down payment on deposit in a Canadian financial institution 30 days prior to funding.
- Full property appraisal may be required.
- Proof of Income –Some lenders will require confirmation of all declared employment or investment income but if your total mortgage is less than $500,000 income confirmation may be waived.
- A completed application that we will assist you with.
- copy of 2 pieces of picture ID
- A Canadian bank account from which to withdraw the mortgage payments. There is no problem with a non-resident having a Canadian bank account but they must be opened in person.
- In addition to the 35% down payment the lender will want to know that the buyer has approximately 1.5% of the purchase price available to cover the costs of closing the transaction.
MPRO Mortgage Architects
1351 Richards Street, Vancouver, BC V6B 3G7