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About Cinzia Dalgarno
Expertise
I can provide information and assistance on all aspects of obtaining a mortgage in Canada. I can clarify the requirements for both resident and non-resident borrowers, and address virtually any question or concern regarding financing your purchase of a Canadian property. I have access to a wide variety of lenders, and will obtain the mortgage product that best suits your needs. My considerable experience, coupled with an extensive network of industry professionals will serve to make buying a home in Canada a simpler and more comfortable experience.
mortgagebycinzia@gmail.com;
www.wemortgagecanada.ca/mortgage_brokers/cinzia-dalgarno.php
Experience
During my 26 years in the mortgage industry I have gathered a wide range of business contacts; from A-level banks to private lenders, realtors, lawyers and notaries, and am very familiar with the numerous products offered. An extensive understanding of Canadian lending practices has shown me the importance of having an Accredited Mortgage Professional working for you.
Organizations
Member of CAAMP;
Member of MBABC
Education/Credentials
A.I.C.B. (Associate Degree, Institute of Canadian Bankers);
AMP (Accredited Mortgage Professional)
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You are here: Experts > Real Estate > Real Estate by Location > Canadian Real Estate > non resident mortgage
Expert: Cinzia Dalgarno - 10/25/2009
Question
Hi, do you know if it is possible to get a mortgage on a property in Canada if you are a non resident? I am from the Uk.
Answer
Hello Andrew. Non resident mortgages are indeed available. You will have an easier time of getting a mortgage as a non-resident if you use the services of a mortgage broker, as we have access to over 70 financial institutions, and therefore will more easily be able to find a bank that will give you the best product for your specific needs.
Some of the information you may need, depending on the lender:
-a letter of employment
-a banker's report (basically, a reference letter from your current bank in the U.K., indicating how your accounts are run, etc)
-6 to 12 months worth of mortgage payments, in a canadian bank account (depending on the lender)
-enough money for a downpayment, as typically non-residents will get at the most 65% of the purchase price as a mortgage, and will have to provide the remaining 35% from their own funds.
-downpayment confirmation; you will need to prove that your downpayment was not borrowed (ie, 3 months statements showing the money in an account in your name)
-Finally, you will want to open an account in Canada as quickly as possible.
It will make a difference if you are planning on using the property as a rental property or as a 2nd home. It will be easier to get a mortgage if it is to be used as a 2nd home.
Please let me know if you have any further questions or concerns.
Warm regards,
Cinzia
mortgagebycinzia@gmail.com
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