I am planning to move to Canada soon in an year or two but am wondering if Canadian Banks/ Credit Unions would be able to offer housing loan if I already have a mortgage loan in US. Could any of you share your inputs if you or your friends have travelled through similar path? TYIA.#mortgage #housing TC - 320k
1) non-residents are required a min 35% down payment 2) interest rates are the same as residents 3) Canadian banks will take US mortgage into account. And will evaluate you as if buying a 2nd home 4) rental income from property in Canada must be reported to US govt. Both countries have strong tax sharing agreement
This is all correct as far as I see. Owning a home in the US won't "disallow" or anything you'd simply be taking on another mortgage and they would weigh your existing debts appropriately and have harsher lending requirements re; down payments. Do you have a dual citizenship?
Even am considering, what are the home loan interest rates for non residents in canada?
Hi, can you recommend a lender in Canada (Toronto) that will consider vested RSUs as qualifying income?
I was thinking of buying in Canada too, but there is a new 15% tax for foreigners buying in metro areas. Factor that in.
I think this is just if it isn't your main residence.
Ok. I also found this important info on Ontario.ca - Rebates A rebate of the NRST may be available in the following situations: Foreign national who becomes a permanent resident of Canada β The foreign national becomes a permanent resident of Canada within four years of the date of the purchase or acquisition