If you’re a Canadian living in the USA and thinking about buying a property back home with a Canadian family member, you’re in luck—it’s definitely doable! Canadians living in the USA can obtain a mortgage in Canada. Here’s how you can make it happen:
Non-Resident Mortgages
Some Canadian banks and lenders have special mortgage options just for folks like you who live outside Canada. These usually require a bigger down payment, around 35% of the property’s price. You’ll also need to show proof of income, credit history, and some other financial details from your current home in the USA.
Teaming Up with a Canadian Family Member or Friend
Buying the property with a Canadian family member or friend can really help smooth out the process. Their financial stability and credit history can be a big plus when applying for a mortgage.
Gathering the Right Paperwork
Be prepared to provide a bunch of documents, like employment letters, pay stubs, tax returns, and credit reports from the US. Canadian lenders might also ask you to show that you have a Canadian bank account or other ties to Canada.
Finding the Right Lender
Not every bank or Credit Union offers non-resident mortgages, but some do. A good mortgage broker can be a lifesaver here, helping you find lenders who are open to working with non-residents. It’s worth shopping around to see who offers the best deal for Canadians living in the USA.
Meeting Financial Requirements
You’ll generally need a hefty down payment for a non-resident mortgage. Having a Canadian co-borrower might help with this, but you’ll still need to meet the lender’s financial criteria.
So, while getting a mortgage in Canada from the US might seem tricky, it’s definitely possible, especially with a Canadian family member by your side. Consider chatting with a mortgage broker or financial advisor who knows the ins and outs of cross-border real estate to guide you through the process. Investing in real estate in Canada while living abroad is a good idea because of the overall stability of the Canadian real estate market. Also, if you decide to move back, you’ll have a place waiting for you. Good luck!
