Non-Resident Mortgage Guide:

Are you someone who wants to buy a property in Canada for investment purposes or for someone like your kids to live in while they stay in Canada to study or work? But you don’t live and work in Canada?

Does that mean you would not be able to qualify for a mortgage? Not entirely you can qualify for a mortgage if you are a non-resident, but what do you need to be considered a non-resident of Canada for qualifying purposes?

So first thing we need to do is determine what is considered a non-resident and here are the conditions to be considered as one:

1. What is your status in Canada?

– you will need to be either a Canadian permanent resident or citizen

2. Down Payment Requirement?

-you will need a minimum 20% to 35% down payment for non-resident mortgages

3. type of income matters…

– We ONLY accept foreign employment or salary income not business income. So if you are a foreign business owner then sorry this program isn’t for you.

4. country of origin matters..

– The country you are from matters a lot because if you are from a country that is sanction then we might not be able to do your mortgage or at least makes it more difficult.

5. Give yourself more time because…

-Make sure to give yourself more time to qualify for this type of mortgage because the lender will need more time to translate and verify your documents as it’s from another country. Ps the lender might also need you to find and pay a translator for your documents if necessary.

-Give yourself 60 to 90 days + before closing/maturity date

I hope you find this guide helpful and if you have any questions please feel free to contact me:

Frankie Ho

647-982-0130

frankie.ho@calibermortgage.ca