International Home Buyer

We Make Investing Into Canadian Real Estate For Foreign Investors Easy!

If you are an international home buyer interested in purchasing a property in the safe and reliable Canadian real estate market, Canada accepts buyers from all countries! Not only are all international buyers encouraged to participate in the Canadian real estate market, there are also no restrictions on the type of real estate that you can invest in. You can buy anything from commercial buildings to residential properties and Clover Mortgage can help you get approved for the right mortgage.

What Defines An International Buyer Or Foreign Investor?

An international home buyer is someone who has purchased a property in a country without residing there permanently. In Canada, anyone is welcome to make a foreign investment regardless of where they reside. It is important to remember that even those with Canadian citizenship can be considered international buyers. In Canada, anyone not earning an income, paying taxes, or living out of the country for over half of the year is considered a non-resident. On April 21, 2017, a new tax rule was introduced requiring all non-residents purchasing homes in Ontario to pay a Non-Resident Speculation Tax of 15% of the purchase price.

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Down Payment And Mortgage Qualification Requirements For International Buyers

The lending process for international buyers is similar to that of Canadian buyers except lenders often require a larger down payment. There are a few factors that can impact the amount a borrower must put down upfront. Buyers living in the United States that intend to use the property rather than renting it out are able to put down a 20% down payment, as long as they can prove they have a sufficient income. Buyers living anywhere else in the world who can provide proof of income must contribute 35% of the purchase price as a down payment. International buyers who are unable to verify their income will be required to pay 50% of the property price as a down payment. At the banks, foreign investors are eligible to receive a maximum mortgage of $750,000 for a 25 year amortization period and the investor must not own any other properties in Canada. If you require more than $750,000 you will best helped by a Mortgage Broker who can arrange for a private mortgage which are not available through banks. At Clover Mortgage we have lenders that can provide mortgage solutions for international investors that banks do not offer.

With traditional banks, in many cases all of the following documents are required in order to qualify for a mortgage in canada:

• Proof of income (pay stubs, income tax returns, letter of employment proving you are able to pay the mortgage)
• Proof of down payment (bank statements proving you can finance the down payment amount)
• Reference letter from your national bank
• Appropriate bank statements for the last 6 months OR a report from an international credit bureau.

Now is a great time to invest in the Canadian market and Clover Mortgage can help you get started today. We specialize in providing premium mortgage services to both nonpermanent residents and international buyers.

Mortgage Affordability Calculator

Our Clover Mortgage Affordability Calculator can help you determine how much of a mortgage and property you can afford.

Please enter the requested income and expense details below.

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You potentially qualify for a maximum mortgage of up to $0,00 or a maximum monthly mortgage payment of up to $0,00*

*This is not a pre-approval and not an approved mortgage quote. This is merely an estimated calculation based on a 39% maximum TDS and the maximum mortgage amount and maximum monthly mortgage payment that you might qualify for may vary depending on a variety of factors including, but not limited to, the loan to value, the credit scores and credit histories of all applicants, the income reported on official government filed tax documents, the location and condition of the property, and more. For a more precise quote, please contact Clover Mortgage by phone 416-674-6222 or by email at info@clovermortgage.ca

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Clover Mortgage Inc. has access to Ontario`s lowest rates

What yuo can affordability:

• Gross Household Mountly Income: $0
• Down Payment: $0
• Term: $0
• Interest Rate: $0
• Amortization: $0
• Heating: $0
• Property Taxes: $0
• Condo Fees: $0
• Total Monthly Debt: $0

Based on the numbers you entered above you can borrow a maximum of $0 which iresults in a pament of $0 per month.

CONTACT ME TODAY!

Steven Tulman steven@clovermortgage.ca 416-674-6222 77 City Centre, Suite 150 Mississauga, ON L5B 1M