Mortgages for buying a property in Canada, Interest rates from approx 6.95% Fixed for 1 year in CDN $ , alternative currency mortgages are also available in some areas.
Canadian Mortgages for the purchase Residential Properties
If you are considering purchasing a property in Canada, Canadian Mortgages are available for the majority of Nationalities for either House Purchase or re-financing for Home Improvement purposes only.
Type of Canadian Mortgage: Repayment Mortgage only, Interest Only mortgages may be available on an individual case by case basis
Minimum advance is $75,000 with no maximum, loan cannot exceed 80% of valuation or purchase price (whichever is the lower) if the property is located in either Alberta, British Columbia, Ontario or Quebec, in all other areas maximum is 65%
Proof of Income is required in all cases (this can be made up of Earned Income, Pension, Investment or Rental Income. Please note however, it is not always the case that the Lender will take all or part of these Incomes into account when determining the maximum loan available). Non-Status or self certification loans are currently not available.
Term: maximum 25 years
Currency: Canadian Dollars, loans are also available in Euros, Hong Kong Dollars, Sterling, Swiss Francs or US Dollars in the following areas only ALBERTA, BRITISH COLUMBIA, ONTARIO OR QUEBEC
Current Interest Rates:- in Canadian Dollars, from 6.10% Fixed for 1 year; in all other currencies at 1.50% over cost of funds
Example Canadian Mortgage: Repayment mortgage of approx CDN$100,000 over a period of 25 years at an initial Fixed Interest Rate of 6.10% for the first year and then approx 6.50% Variable thereafter = approx CDN$650.00 capital & interest per month for the first year and then approx CDN$684.00 thereafter = a total approximate amount payable over term of CDN$209,100 including capital, interest, arrangement & survey fees.
If you would like to talk to an independant advisor about mortgages for buying a property in Canada Enquire