MORTGAGE FOR NON RESIDENTS

MORTGAGE INFORMATION FOR IMMIGRANTS/FOREIGNERS





Many of Canada's financial institutions have developed lending programs to meet the needs of non-Canadian buyers. Typically the requirement is a minimum downpayment of 35% of the purchase price. There are some lenders who may finance those from the US with 30% down.

When buying real estate in Canada it is good to know all your financing options. As a consultant, a Mortgage Specialist's focus is on lending options, the decision is yours. Alma Pasic works with Canada's leading financial institutions.

To apply for a rate hold, Alma needs a buyer to complete an application, confirmation of downpayment and a satisfactory Credit Bureau Rating.

Contact Alma at preferred@telus.net or 604-729-4611 for further information or for an application form.

When purchasing property in Canada as a non-resident, visit CCRA's website http://www.cra-arc.gc.ca/tax/nonresidents/individuals/nonres-e.html for information on taxes when selling a property.

Everyone who purchases property in Canada is subject to PPT, which is 1% to $200,000 and 2% on the remainder. First time Canadian buyers have an exemption, up to $380,000.

Our New Immigrant program allows those without landed or permanent status to buy without the traditional 35% down payment. The keys to qualifying are;
1) Minimum 2 year work visa with a work contract of at least the same duration. Usually for executives being transferred but as long as they make at 60k per year we can make it work.
2) Bank reference letter
3) 90 day history for down payment funds.
4) Obviously residing in Canada

for further info contact Tony Rossander 604-418-6252 or email him tony.rossander@rbc.com