Posted on: 21-11-09 12:40:13
Dear friends:
My brother lives in Dubai and his son is on student visa here.
He wants to buy a house in Canada.
1. Can he (my brother) or his son get a mortgage?
2. Can he put the house on his son’s name?
I guess you can understand lot of questions/issues are here. Please provide me some perspective if any one has knowledge or experience or source from where I can get information.
Thank you
Quote:
Originally posted by Gurram
Dear friends:
My brother lives in Dubai and his son is on student visa here.
He wants to buy a house in Canada.
1. Can he (my brother) or his son get a mortgage?
2. Can he put the house on his son’s name?
I guess you can understand lot of questions/issues are here. Please provide me some perspective if any one has knowledge or experience or source from where I can get information.
Thank you
___________________________________________________
1) Yes he can. His son too. See if they qualify first, individually or collectively. Need to show income here within Canada.
2) Why put it in his son's name. Give the money to his son, then it automatically becomes his. Right?
You are a smart man MacGee, there are no issues. Don't make any issues, if there are none.
There are a dozen Real Estate Agents here on this Canadian Desi Website. Find them all and drop a PM to them. They will tell you that you might need a higher down payment. I can also point and whistle to three Mortgage Brokers, they are also listed in this CD. Please do a search and see what it is that you come up with. A simple phone call to them, does it all.
You are all set, if you got the funds to back you up with and money to maintain it.
That should get you started.
Freddie.
Quote:
Originally posted by Gurram
Dear friends:
My brother lives in Dubai and his son is on student visa here.
He wants to buy a house in Canada.
1. Can he (my brother) or his son get a mortgage?
2. Can he put the house on his son’s name?
I guess you can understand lot of questions/issues are here. Please provide me some perspective if any one has knowledge or experience or source from where I can get information.
Thank you
Your brother can definitely buy a house in Canada in either his or his Son's name. Since he does not have any income in Canada, he would have to qualify for the mortgage based on his equity (down payment) in the house which should/could be around 35% or more and he may have to show either the rental income taking care of the mortgage payments or up to 6-12 months mortgage payments as deposit with the lender. I have helped my clients buying home in this situation.
If you have specific questions which you do not need/wish to post here, you can either pm me or email me. My email address can be found by clicking at the link http://www.pramodchopra.com" rel="nofollow">LINK
Good Luck.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Thank you .... Freddie and Promod. My major doubt clarified.
I will get back as soon as I hear from my brother in this regard.
