Mortgage For Non Resident

 

If you are planning to invest a property or buy a home for your family member, you can get the mortgage in Canada. There are 2 options  to get the mortgage in the mortgage industry.

  1. From A-Type Lender: lower rates, but higher requirements
  2. From B-Type Lender: higher rates, but lower requirements
ItemsA-Type LendersB-Type Lenders
RatesLowerHigher
Rates Example:
5 Year Fixed as the end of 20122.79% ~ 3.09%3.75% ~ 6.99%
Down Paymentfrom 35%from 25%
Down Payment SourcesOwn SourceOwn Source and Gift Money Accepted
Other SavingMortgage payment and property tax for 2 to 3 years no requirement
Down Payment in Canadian Bankmostly 30 days before closingmostly 2 weeks before closing

 

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