NEW TO CANADA MORTGAGE

Welcome to Canada! Just because you are a new immigrant does not mean that you have to wait to purchase a home. If you have been in Canada for less than three years, have landed immigrant status, and have been employed in Canada for a minimum of three months, you can qualify for a mortgage with as little as 5% down payment.

The main documentation you will need to provide to qualify with a 5% down payment will be a Letter from your employer, a recent pay stub, and 12 months verifiable Bank Statements from a recognized Financial Institution. This can include a financial institution from your country of origin if you have been in Canada for less than 12 months. Also acceptable are 12 consecutive Months of 2 verifiable monthly Payments in good standing. (ie. phone bill, or utility bill). If you have a 10% down payment then 6 months of the information mentioned above will be sufficient.

Insured Mortgage for purchases areavailable up to 95% LTV; and Refinance up to 85% LTV.The requirements are as folloes: -

1. For Landed Immigrants, a copy oftheir Permanent Residence Card is required.
 
2. Beacon Score:  A minimum  CreditScore of 621 or alternatively, two sources  of Credit is required, showingtimely payments of Rent and Utilities for the last 12 months (or a US orInternational Credit Bureau showing no derogatory Credit history).
 
3. Borrowers must apply for a Mortgage within36 months of their arrival in Canada.

4. Be able to show a minimum of 3Months recent full time employment.

Non-Residents and Canadian Property Purchasing - What you need to knowRules & Taxes
Contrary to what many are lead to believe, there are neither restrictions to purchase real estate in Canada, nor are there extra fees or tax implications payable at the time of purchase/closing. In fact, a non-resident may purchase as many properties as they so desire. The only tax implication would be when a non-resident rents out their Canadian property. In this case, they would need to file a Canadian Tax return declaring the rent as income, which would be a straight forward process.Mortgages

NON RESIDENTS

Most lenders require non-residents to have a down payment of approximately 35-50% of the purchase price. In order to make the mortgage payments, a borrower must open a Canadian Bank account from which the payments can be drawn.

Qualifying for a Canadian Mortgage is generally straight-forward, and would generally include an interview by phone, fax or email to discuss employment, assets and liabilities, employment and income. You will also need to provide copies of Identification, and you may be asked to have this information notarized by a Lawyer if you are unable to meet the lender in person. Non-residents may also be asked for a letter from their Bank in their Country of residence.

It normally takes a between 1 to 5 days for approval depending on your particular circumstance.

Legal Info.-  A non-resident purchaser will need the services of a Canadian lawyer or notary to assist with transferring the Property Title through the Land Titles Office and to prepare the mortgage Documents. When a Non-resident sells his Property, any gains received on a Property are subject to income tax.

Are you a non resident and would like to purchase property in Canada?

I can provide information and help tor Non-residents wishing to purchase a Home and obtain a mortgage in Canada.  Give me a call to discuss your Mortgage options as a non-resident.

Tahir Mian
B.A. (Honours), M.A. Finance/Economics. Lic. ScEc. 3Siecle.
Faculty of Law and Economics, 
Sorbonne, Paris. 

Mortgage Advisor and Underwriter
EQ Lending Corp.
Cell: 604 781 2030
Fax: 604 677 5251














































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