Client Comments

Thank you so very much for putting so much effort and time for helping us.

-DARIO & MORCIA S., OAKVILLE

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We were so happy that you were able to provide us with construction financing. The draw amounts work fine with our builder and we plan to refer anyone building a house. Thanks again.

-TOM & SHAUNA D., TORONTO

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Hi Joe

Just wanted to pass on our thanks again for all your help with securing our mortgage.

In hindsight, we would have to say that the entire process of buying for the first time went really well and we managed to avoid a lot of the headache and inconvenience that others seem to come across.

Certainly in regard to arranging our mortgage, things could not have been easier for us and we have you to thank for that.

Your patience and attention to detail was greatly appreciated.

All the best,

. Aghazzarian & L. Marino

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Truly Professional

Joe helped us out with our financing and all the questions we asked. The rates and service was excellent and he even came to our house to sign all the papers.

We have recommend him to our co-workers, friends and family.

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Mortgage Needed In a Hurry!

We needed to arrange something quickly and Joe Walsh was able to provide us with a commitment on the same day;

I would definitely recommend Joe.

A Satisfied Customer!

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We supplied Joe Walsh with all of the pertinent information and we were able to sit back and relax while Joe took care of everything.

He examined all of the possibilities and came up with one that best suited our needs.

Joe took all of the shopping and confusion out of the experience and made it simple for us.

We have used Joe several times in the past and will continue to do so in the future.

He is knowledgeable, professional, there to service quickly & promptly without the stress that normally comes along with this sort of decision

“Canadian Non Resident Mortgages Are Slightly Different To Arrange Than A
Resident Mortgage”

Canadian non resident mortgage financing options are available through most banks and other institutional lenders as well as private mortgage lenders.

For the most part, the process for securing a mortgage for someone who is a non resident of Canada, but wants to secure a mortgage against Canadian property they own is very similar to what a Canadian citizen would go through for a residential home mortgage with a few key differences.

 

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First of all, in terms of the amount of financing you can get, bank and institutional lenders will provide up to 65% of the value of the property where a conventional mortgage can go as high as 80% under an uninsured mortgage program. There is no insured mortgage loan programs for non residents.

High loan to value mortgages can be secured through private mortgage financing sources who will consider applications for Canadian non resident mortgage financing up to 75% of the property value. Because private mortgage lenders are basically providing a home equity mortgage, the non resident mortgages can be a great fit for them.

Second, there is a higher need for third party verification of income, net worth, and credit rating for non residents than for Canadian citizens residing in Canada.

For credit, this can include getting a letter of reference from your foreign bank and potentially providing a third party credit profile from a acknowledge credit rating source that provides the service in your country of residence. While in most cases this is a very straight forward information request, there can be delays due to your foreign bank not having forms or procedures already in place to deal with this, or complications/delays can occur due to language and translation.

Income and net worth verification will also be more comprehensive compared to what is conducted for a typical Canadian resident mortgage. Once again, this will not necessarily delay the transaction as long as you are prepared in advance to provide the additional documentation when requested.

Third, while you can complete the application process from outside the country, you are required to travel to Canada for the mortgage closing process. This can no longer be accomplished by a power of attorney.

On average, the time to closing for a Canadian non resident mortgage tends to be one week longer than for a resident mortgage.

If you would like to better understand your options as well as the process to secure a Canadian non resident mortgage, I recommend that you give me a call so we can go over everything together.

Click Here To Speak With Joe Walsh Your Toronto Mortgage Broker

joewalsh.ca

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