One of the reasons why our compatriots, as well as immigrants from other countries are attracted to real estate in Canada, is the possibility of obtaining a mortgage at a local bank. Canadian financial institutions favor potential non-resident borrowers and are willing to develop mortgage lending programs for them.
You can apply for a mortgage to the bank yourself, start cooperation with mortgage brokers who can offer the best loan conditions, and also seek help from specialized centers that offer assistance to new immigrants and non-residents.
A distinctive feature of all banks in Canada – an individual approach to the borrower. Your mortgage application will be studied very carefully. But, as a rule, non-residents are still given a mortgage, but only in the amount of 60-65% of the initial value of the object. That is, you should have about 35% of cash on hand to pay for the property.
Mortgages: Standard Terms
Mortgages in Canada are currently issued under the following conditions:
- interest rates – from 2.1 to 2.8% per annum;
- maximum loan term – 25 years;
- loan amount for non-residents – up to 65%, depending on the banking institution.
It is also worth noting that special mortgage rates are set for VIP clients and clients with a clean, spotless credit history. Therefore, it makes sense to become a client of a specialized company or broker, who can also count on favorable conditions for mortgage lending.
Advantages of Canadian Mortgages
Attractive loan conditions. Agree, an interest rate of 2-3% is much more profitable than a mortgage in banks of many other countries.
Real estate abroad. If you want to profitably invest money or live in Canada, it is more convenient to use your own, rather than rental property. In the end, an apartment abroad has not bothered anyone. Effective cash management. Even despite the fluctuations of the economy in the country, the real estate market demonstrates its stability and stability, which in the future will provide you with additional income.