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Canadian Real Estate/Non-resident property purchase
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Question
My Canadian daughter is married to an American, both are working and living in California. We would like to know what is required for them to purchase a home in Calgary, Alberta, for me to use as primary residence. I will be carrying property totally myself, but it will not be mortgaged in my name.
Hi Karen. I've looked into this further. I have a lender who, given the client is a Canadian Citizen, and filing taxes in Canada (which, I believe, one must do regardless of where one lives in the world), they will do the mortgage at 80% loan to value, even with the client living in the U.S.; That is, you would need a 20% downpayment, from your own resources.
They also have a 5% cashback program, which would allow a 95% mortgage...with a higher rate of interest... however, they are looking into whether or not CMHC (the insurer who would deal with this) will treat the non resident issue as resident, given the Cad Citizenship etc. If you'd like further info, feel free to let me know.
Warm regards,
C
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| Rating(1-10) | Knowledgeability = 10 | Clarity of Response = 10 | Politeness = 10 |
| Comment | Thank you, this info is not what I wanted to hear, but it sure did open my eyes. Now I will have to persue another method of obtaining property here in Calgary. Thanks again | ||
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Answers by Expert:
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;
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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