Mortgages for non-residents

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.

 

 

Nick Burzese

MPRO Mortgage Architects

1351 Richards Street, Vancouver, BC V6B 3G7

Phone: 604-899-2188

Cell: 604-351-6424

Fax: 604-899-2138

Email: info@mortgagesmakingadifference.com

 

 

 

 

 

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