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It is possible to borrow mortgage funds in Canada even if you are not moving to Canada at this time or you are using the property only part of the time. Financial institutions will lend up to 65% of the property value/ purchase price for owner occupied and rental properties. The interest rate charged varies from institution to institution and depending of the term you take. The lenders will want credit information, if the borrower is from the US we can obtain a credit report from Equifax. If the borrower is not from the US the lender will want a banker’s letter to confirm that borrowing and bank accounts have been handled properly with that institution. The lenders will require income confirmation for the past two years; to confirm income we would require the following: Employed - recent pay stubs - Letter from Employer - Tax Returns Self Employed - Last two years tax returns Lenders will also require down payment confirmation by way of bank or investment statements. If you are using equity in real estate outside of Canada, confirmation of funds available and the repayment schedule would be required. Financing is available up to 75% of the property purchase price
at higher interest rates and a potential fee based on the mortgage
amount. |
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