Mortgages for Non-Residents

Mortgage procedures vary from country to country. Our mortgage professionals can explain the differences.

Non-residents - US Residents

US Residents who want to own a residential property in Canada can borrow up to 80% of a property's value, that value being the lesser of the purchase price or appraised value. Requirements are very similar to Canadian residents. Contact me for more details. (416) 486-1113 or Email: Andrea@great-mortgage-rates.ca

Non-residents - Other

Non-residents can apply for mortgages for a maximum of two properties in Canada. The primary non-resident applicant must be employed by an established and highly-respected Canadian company. Non-residents may borrow up to 90% of a property's value, that value being the lesser of the purchase price or appraised value.

Requirements

1. Non-resident borrowers must have a minimum salary of $60,000 CAD.
2. At least one unit in the property must be owner occupied.
   

Documentation

1. Copy of Canadian work permit.
2. Confirmation of income.
3. Verification of down-payment, 10% from own funds plus 5% from own funds OR from non-repayable corporate subsidy.
4. Proof of application for landed immigrant status (if in Canada for more than 1 year).
5. Satisfactory bank reference from home country.
6. Completed mortgage application.