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Banks and "A" Lenders pay us for your residential service. EXCEPT bad credit mortgages, some self employed mortgages from "B Lenders", private mortgages or multi-use and commercial loans - broker fees are payable by clients. Lenders change their products and interest rates without notice.
..... follow me to get mortgage updates ... Marie Copeland @AxcessMortgage
Hamilton, Stoney Creek, Grimsby, Niagara, Binbrook, Ancaster, Dundas, Burlington, Milton, Oakville, Mississauga, Toronto, Markham and Ontario.
Non Resident Mortgage Canada is for you if you live outside the country but need to finance a property in Canada. Depending on the property and the area, few Canadian semi-institutional as well as private lenders offer mortgages in Canada for foreign investors.
We need mortgage loans in Ontario non residents readers say.
You have come to the right place for help with mortgages for those living outside of Canada -- we have successfully completed a number of these type of transactions throughout Canada.
As an out of the country property buyer, you can rely on our expertise to take you through the process of getting a mortgage in Canada.
But, you’ll have to travel to Canada to close the deal -- you will also need a Canadian bank account. This is the Canadian law relating to mortgage loans for non residents.
We can complete your application while you're in the country of your residence but, you're required to come here and meet with a Canadian attorney to complete the transaction.
This can no longer be done by a power of attorney.
Along with mortgages for those living outside of Canada, we'll help you with local relocation services:
You can get a non resident mortgage Ontario -- even if you do not live in Canada.
No matter where in the world you reside, we can help. Some of our clients, such as medical experts, have come from other countries on a work Visa to one of Hamilton's Health Sciences facilities. Others have students attending Hamilton's McMaster University or Mohawk College and buy a residence for their children.
Semi-private lenders will consider your application up to 60% - 65% of property value. But, mortgages in Canada for non residents can be a good fit for private lenders who may be willing to fund up to 70% of property value at higher rates -- this depends on type of property, location and the overall financial strength of the foreign investor.
In addition to the down payment you will need closing costs consisting of lender and broker fees as well as Government Land Transfer Taxes and legal costs - these vary depending on the property and the overall strength of your application.
Proof of your income, net worth and a credit rating from your country of residence is required.
While in most cases this is a very straight forward information request, there can be delays due to your foreign bank not having forms or procedures already in place to deal with this, or complications/delays can occur due to language and translation.
On average, the time needed for closing of financing for out of the country clients tends to be two to three weeks longer than for Canadian applicant funding.
If you would like to better understand your options as well as the process to secure a Canadian non-resident mortgage, please give me a call so we can go over everything together.
Marie Copeland FSU, Mortgage broker Canada
Call 905.308.8063 for a Non Resident Mortgage, or
Thank you for visiting Non Resident mortgage and please visit again soon. This mortgage is ideal if you need to mortgage a property in Canada even if you live in other parts of the world. Share this information using the social media buttons below.
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