As a Non-Resident, investing in a property in Canada can be overwhelming. Let us take care of the mortgage!
Looking to buy a property in Canada while staying abroad? Purchasing a property while being a non-resident, or non-permanent resident in Canada, can be challenging.
Certain lenders have very specific requirements for non-residents. When compared to Canadian residents or permanent residents, non-residents are offered financing at higher interest rates and larger down-payment amounts. However, that doesn’t mean non-resident mortgages are not doable. Our experienced brokers will make sure to find the right fit for you based on your situation.
The requirements for non-residents to obtain mortgages can be very specific. U.S residents are required to provide at least a 20% down payment while international residents outside of the U.S must provide at least 35%. 35% is also required by those who are purchasing a second Canadian property. This down-payment must be available in a Canadian bank account before the mortgage funds, and cannot be in the form of a gift. Proof of the funds are required 90 days before financing. It is important to note that some lenders require funds worth at least a year’s mortgage payments retained in a Canadian bank account.
In order to prove your income, you need to present a recent pay stub, along with a letter of employment by your current employer, stating the length of your employment and annual salary including any foreseen bonuses. This letter must also confirm that you have passed your probationary period. Proving your credit is much easier. If you do not have access to a Canadian credit bureau, then an international bureau or letter of reference from your current bank is required.
At Anava Financing, our diverse team of expert brokers can help simplify the process for you and get you the best possible rates.
A place to call your own on Canadian Soil
Non- Resident? We’ll help you fulfill your dream to own a home in Canada. We’re here to guide you through the process.
Large Down-payment
- If you’re a resident of the U.S., at least a 20% down-payment is required, from your resource.
- If you’re living somewhere else other than the US or Canada, at least 35% of down-payment is required from your resource.
- The down-payment must be available in a Canadian bank account before the mortgage being funded
- Proof of funds before 90 days of financing is required.
- Your down payment cannot be in the form of a gift.
- If this is your second property in Canada, then the minimum down-payment is at least 35%
If you can present these notices to the lenders, you may be able to get the regular mortgage rates. If not, you may be eligible for a mortgage, however, that might require a higher down-payment.
Whatever may be your situation, our expert brokers can help you navigate through the whole process and get you the mortgage for your dream home!
