Non-Resident General Guidelines
Down payment
Minimum 35% down payment
Depending on the lender, the down payment may be required to be in a Canadian bank account a certain period of time before completion (ie 30 days)
Income Confirmation
Standard income verification from country of origin may be required (ie job letter, pay stubs, tax returns).
If the documents from the country of origin are not in English we have to confirm if the lender has somebody that can translate the documents.
Net worth verification
In addition to the down payment the lender normally requires net worth component.
Credit ratings
Typically an international credit Bureau or banker’s reference letter is required.
An international credit bureau can be very expensive and if the lender will accept a banker’s reference letter it is always a good idea if the client can obtain this at their earliest opportunity.
Lawyer signing
Clients must be here to sign at closing.
Please note the above are general guidelines and each application will be reviewed on a case-by-case basis. Please contact me regarding your specific situation.
Non-resident applicants are considered a greater risk to the lender therefore not all lenders participate in lending to non-residents.
Alternative option
Higher loan-to-value mortgages (ie 25% down payment) can be considered by private lenders case-by-case. The interest rate will be higher and typically a fee is involved however these lenders typically require less documentation as they are pure equity lenders. They are also an option for those individuals declined by the traditional lenders.
Minimum 35% down payment
Depending on the lender, the down payment may be required to be in a Canadian bank account a certain period of time before completion (ie 30 days)
Income Confirmation
Standard income verification from country of origin may be required (ie job letter, pay stubs, tax returns).
If the documents from the country of origin are not in English we have to confirm if the lender has somebody that can translate the documents.
Net worth verification
In addition to the down payment the lender normally requires net worth component.
Credit ratings
Typically an international credit Bureau or banker’s reference letter is required.
An international credit bureau can be very expensive and if the lender will accept a banker’s reference letter it is always a good idea if the client can obtain this at their earliest opportunity.
Lawyer signing
Clients must be here to sign at closing.
Please note the above are general guidelines and each application will be reviewed on a case-by-case basis. Please contact me regarding your specific situation.
Non-resident applicants are considered a greater risk to the lender therefore not all lenders participate in lending to non-residents.
Alternative option
Higher loan-to-value mortgages (ie 25% down payment) can be considered by private lenders case-by-case. The interest rate will be higher and typically a fee is involved however these lenders typically require less documentation as they are pure equity lenders. They are also an option for those individuals declined by the traditional lenders.
