Canadian Mortgage Group
Established in 2004, Canadian Mortgage Group has been assisting expats with mortgage financing, along with helping to build and maintain their credit in Canada.
The experts behind their team listen to the needs of expats and offer expert guidance to help them in their seamless transition.
Canadian Mortgage Group is here to help you by providing:
- Purchasing new property
- Mortgage renewal
- Pre-approval to access borrowing capacity
- Debt consolidation
Mortgage for Expats in Toronto
If you’re looking to acquire a new home in Toronto, it’s important to be prepared at every step. Applying for a mortgage is one of the biggest steps to turning that into reality. It can be stressful for moving expats so here are some tips to help you with your seamless transition to purchasing a home in Toronto.
Key Mortgage tips you should know as an expat in Toronto
- In Toronto, expats have the same ownership rights as local citizens.
- There are many types of mortgages available to expats in Toronto. This allows expats to decide which option best suits them. Mortgage types include fixed-rate, repayment, or interest-only. Getting professional advice and assistance in applying for a mortgage is advisable as they can help you choose the right type of mortgage depending on your budget and length of stay.
- Start your mortgage application as early as possible to have a clear idea of the process and to prepare for the cost ahead of time.
- Your credit history and the type of mortgage you wish to avail are some of the factors that lenders consider when approving mortgage applications.
- The Canadian Mortgage and Housing Corporation (CMHC) have set a limit where expats’ monthly housing costs should not exceed 30% of their gross monthly income. The monthly housing costs include mortgage payments and utilities to name a few.
- To qualify for a mortgage in Toronto as an expat, you would need to prepare and submit a few documents. Some of these documents you need to add to your list are a reference letter from your local bank, bank statements for proof of downpayment, proof of income, and an international credit report or six months of bank statements.
- Expats are required to open a Canadian bank account where mortgage payments can be withdrawn or deducted from
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