We Make Investing Into Canadian Real Estate Easy For Foreign Investors
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.
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.
Why Work With Us
*Rates start as low as 2.75%
*Rates are subject to change. Terms and conditions may apply.
We pride ourselves on quick, easy & honest service. Our clients always come first.
We specialize in dealing with bad credit & bank declines. We turn a “no” into a “YES!”
*No credit checks. No complicated application.
*Terms and conditions may apply.
Our Customers Love Us
I was in debt and needed help getting back on track. My mortgage agent at Clover Mortgage helped me get approved for a home equity loan to consolidate all of my debt in one small monthly payment. Now I’m saving over $1,000 a month in interest and am left with less debt and more money in my pocket at the end of each month. Thank you Clover!
I’m a self employed independent contractor. I earn a decent income, but when I went to the bank to refinance my home, they denied my application telling me that I didn’t have enough “provable” income to qualify for refinancing my home. When I came to Clover I was almost out of hope. My Mortgage Agent at Clover was caring and professional, and help me get a great rate and flexible terms on full refinance. The whole process took less than 48 hours! I was impressed at how quickly and easily they were able to get me the money and home refinance I needed. Thank you Clover Mortgage, I’m recommending you to everyone I know!!
I had really bad credit, but really wanted to purchase a Condo. When I went to the bank they made me go through a lengthy application process that took weeks, and then they turned me down at the end of it all. When I found Clover Mortgage online, I called them and a friendly Mortgage Agent was able to help me get approved for a mortgage quickly and hassle-free. I got a good rate and now live in a home that I am comfortable in and am able to easily afford my monthly payments.
I definitely recommend Clover Mortgage to any new home buyer! They were very professional and helped my husband and I get mortgage for our new home at an even better rate than the bank was offering us. They also helped us get the mortgage with a smaller down-payment than the bank demanded from us. Since we did our mortgage with Clover, several of our friends and family members got their from them also, and Clover Mortgage has been able to help all of them, even the ones that were completely turned away and rejected by their banks.
My husband and I found ourselves in a tough situation. Luckily my expert mortgage broker at Clover Mortgage helped us get a fast and easy approval for an amazing rate for refinancing our home. Clover’s service is the best I’ve ever experienced and I’ve been recommending them to all of my family members and friends ever since. Thanks for your help Clover!
I definitely recommend Clover Mortgage to any new home buyer! They were very professional and helped my wife and I get mortgage for our new home at an even better rate than the bank was offering us. They also helped us get the mortgage with a smaller down-payment than the bank demanded from us. Since we did our mortgage with Clover, several of our friends and family members got their from them also, and Clover Mortgage has been able to help all of them, even the ones that were completely turned away and rejected by their banks.