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<\/p>\nIf you are looking to purchase property in Canada but are not a permanent resident here, you may be wondering if it is possible or if you\u2019ll be able to get a mortgage. The good news is that anyone from anywhere in the world can get a mortgage in Canada. The rules for non-residents however are a little bit different however.<\/p>\n
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What is a non-resident?<\/em><\/p>\n A non-resident is anyone who does not earn an income or pay taxes in Canada. This has nothing to do with whether you are a citizen.<\/p>\n How much of a down payment do I need?<\/em><\/p>\n Most lenders will require non-residents to have larger down payments than residents. U.S. residents typically need a down payment of at least 20% while residents in other parts of the world usually need at least 35%.<\/p>\n What documents do I need for a non-resident mortgage?<\/em><\/p>\n What kind of mortgage can I get as a non-resident? <\/em><\/p>\n Generally speaking, non-residents can get the same mortgages as residents provided they meet the eligibility criteria. There are some restrictions you should be aware of however including:<\/p>\n Is there anything else that I need to know?<\/em><\/p>\n When purchasing property in Canada, non-residents will generally have to make at least two trips to Canada. The first trip will be to open a Canadian bank account (although some international banks are now making it possible for non-residents to open Canadian bank accounts from their home country).<\/p>\n The second trip is because they must be present during the closing on the property since as of yet there is no power of attorney option.<\/p>\n It is also important to know that non-residents are subject to the same transfer taxes as residents, and if you are buying property in the Greater Toronto Area, you will also have to by Ontario\u2019s Non-Resident Speculation Tax.<\/p>\n If you are a non-resident who is looking for a Canadian mortgage, we can help. Contact Matrix Mortgage Global today for more information.<\/p>\n","protected":false},"excerpt":{"rendered":" If you are looking to purchase property in Canada but are not a permanent resident here, you may be wondering if it is possible or if you\u2019ll be able to get a mortgage. The good news is that anyone from anywhere in the world can get a mortgage in Canada. The rules for non-residents however…<\/p>\n","protected":false},"author":1,"featured_media":4435,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4433","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"\n\n
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