Get A Mortgage While Working Abroad

We had a very nice couple approach us recently asking how to get a mortgage while working abroad. So they were Canadian citizens, but they resided overseas, teaching in China. Could they get a mortgage while working abroad and purchase a home in Canada? The answer was yes. But there were conditions…

What’s The Catch? Down Payment Is a Big One!

Well, there are multiple catches. First of all, only certain banks will entertain such a proposition. The banks that will consider this, require a very large down payment of 35%. On a $500K home, this is a considerable amount at $175K. But for this particular couple, it was not problem because they had been living for free whilst working abroad, and have been able to save up a considerable amount of money to put towards the down payment.

Credit

Like any other lending institution, a big factor on whether they will lend the money is your credit history. In this particular case, this couple had established good credit in Canada from when they resided here previously. They also maintained their credit by continuing to use their credit cards in Canada. This was excellent for them. Additionally, the lender will require a copy of their international credit bureau.

Employment

Of course, to get a mortgage while working abroad, you need to prove your employment with at least paystub(s) and letter(s) of employment. This is pretty standard for any mortgage.

So, if you’re a Canadian citizen and trying to get a mortgage while working abroad, come see us! We may be able to help!! 🙂

Robert Floris is a Mortgage Broker. His office is located at 651 Fennell Avenue East in Hamilton, Ontario. If you would like to speak with Robert, he can be reached at 905-574-9200 #215. Alternatively, you can contact Robert here.

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