Canadian PR working on H1 want to buy house/condo in Toronto ( Mortgage ?)
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Posted on: 24-04-09 20:13:07
Greetings Everyone,
I am planning to buy house/condo in Toronto, Canada.
Brief about my situation:
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I got PR in Jan 2007.
Shifted to USA on H1 in Aug 2007.
Mortgage:
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I will need mortgage for sure to buy house/condo.
Proof of Stable Income:
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Since I am working in USA I can show my income proof
Question:
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To buy house in Toronto, which country's financial institution can give Mortgage ?
If I need it from canadian institution, do they consider my USA income proof for eligibility ?
Is there any option to avoid showing stable income proof and I can still be eligible for mortgage ?
Your responses and advices are highly appreciated.....
Thank You
-Kaushal
Quote:
Originally posted by kaushalsp
To buy house in Toronto, which country's financial institution can give Mortgage ?
Most probably, none except a Canadian institute. Mainly, because each bank evaluates the property before giving the mortgage. Obviously, the mortgage amount should make sense when compared with the property (market) value. And no non-Canadian bank will like to go for a property located in Canada.
Quote:
Originally posted by kaushalsp
If I need it from canadian institution, do they consider my USA income proof for eligibility ?
They might. Experts will throw light on this.
If I were in that situation, I'd call a bank.
I don't think banks might care that much, unless recent market has some effect. But keep in mind, if you have a property in Canada, there is high probability that you might be asked source of your income. I mean CRA won't like if you have income but no taxes go toward CRA.
Quote:
Originally posted by kaushalsp
Is there any option to avoid showing stable income proof and I can still be eligible for mortgage ?
Hehe. Ok. enough kidding.
Almost everybody is eligible for mortgage. I bet you must have seen that ad : "When banks say NO, we say YES" .. or whatever that is ...
