Banks and Lenders that Issue Mortgages to Foreign Nationals in Canada
Some Canadian banks and lenders do issue mortgages to foreign nationals. However, the requirements and terms for these mortgages may be different from those for Canadian citizens and permanent residents.
Some Canadian banks that provide mortgages to foreign nationals include:
- TD Bank: https://www.td.com/ca/en/personal-banking/mortgages/non-resident-mortgage/
- RBC Royal Bank: https://www.rbc.com/mortgage/non-residents/
- BMO Bank of Montreal: https://www.bmo.com/global/non-resident-mortgage/
Deposit Required for Buying a Property in Canada
The deposit required for buying a property in Canada can vary depending on the type of mortgage and the lender’s requirements. However, typically, buyers are required to have a minimum of 5% of the purchase price as a down payment.
For properties over $1,000,000, a minimum down payment of 20% is required.
It’s important to note that having a larger down payment will generally result in more favorable mortgage terms and rates.
Responsibility for Outstanding Debts on a Property in Canada
As a new property owner in Canada, you are not responsible for any outstanding debts on the property prior to your purchase. The previous owner is responsible for paying off any debts or liens on the property before the sale is completed.
However, it’s important to note that if there are any outstanding debts on the property, they will become your responsibility if they are not paid off before the sale is completed. It’s important to have a proper title search done before purchasing a property to ensure that there are no outstanding debts or liens on the property.