International Home Buyer Mortgages Mississauga
Tajwar Rahman is a mortgage broker in Mississauga with experience helping international buyers secure investment and residential properties. You must know the mortgage eligibility requirements if you’re an international buyer. Read below to learn about your mortgage options.
International Home Buyer Mortgages Mississauga Down Payment and Mortgage Requirements
You are considered an international buyer if you purchase a home outside of your country of origin. To purchase properties in another country, you must know the down payment and mortgage requirements – specific to international buyers.
Below is a list of some of the requirements you should know before evaluating the purchase price of a property with your mortgage broker in Mississauga:
- If you live in the United States, you should be prepared to pay a 20% down payment of the asking price to purchase a property with a mortgage loan.
- If you live outside of the United States and Canada, you should be prepared to pay a 35% down payment of the asking price to purchase a property with a mortgage loan.
- All buyers must be able to provide proof of income, assuring the mortgage broker that they have the financial resources to cover the cost of the property.
- If an international buyer cannot provide proof of income, they must pay over half the asking price – 50% or more in their down payment.
- You must not own any other properties in Canada. You can purchase properties with an asking price under $750,000 with a 25-year amortization period.
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Eligibility for International Home Buyer Mortgages Mississauga
If you’re applying for the International Home Buyer Mortgage in Mississauga, you must know which documents to provide, proving your eligibility for the mortgage options. Here are the eligibility documents you need to prepare for your application:
- Proof of income – you’ll need to prove you make enough money to cover the mortgage loan. This proof could be pay stubs, income tax returns, or an employment letter.
- Proof of down payment – you’ll need to prove that you have enough funds in your bank account to cover the down payment cost. To do this, you can provide a financial statement.
- Reference letter from your bank – your bank should endorse your eligibility for financing options.
- Proof of credit – you must provide your history of bank statements from the last 6 months or a report from the international credit bureau. If you have bad credit, you may not be eligible for financing options via traditional avenues.
Tax Requirements for International Home Buyer Mortgages Mississauga
You must know your tax obligations if you plan to use the international home buyer mortgage to purchase property within Mississauga. There is a new tax entitled to the non-resident speculation tax, which requires you to pay between 15-20% tax on the purchase price of your property. The Government of Ontario introduced this new tax obligation in 2017.
Tajwar Rahman, Mortgage Broker Mississauga
If you want to purchase property and require financing, contact Tajwar Rahman, an experienced mortgage broker in Mississauga. Tajwar is equipped to help you access the right financing options for you. Reach out today to buy your dream Canadian residence and access favourable financing options.
Types of Residential Mortgages
Sub-Prime Mortgage
Second Mortgage
Home Equity Loans
Self Employed Mortgage
Bad Credit Mortgage
Private Mortgage
First-time Home Buyer
Flip Housing Mortgage
International Home Buyer
Mortgage Renewal
Reverse Mortgage
Vacation / Second Homes
Why Work With Me
Low Rates
I will negotiate for my clients to ensure they are getting the lowest rate in the market.
Fast Service
I pride myself on providing quick, easy & honest service. My clients always come first.
Bad Credit
I specialize in dealing with bad credit & bank declines. I turn a “NO” into a “YES!!”
Easy Application
*No credit checks without your permission. No complicated application! *Terms & conditions may apply.