Our sister company, Mortgage Innovations Inc. is a long standing Canadian mortgage brokerage and looks after DR Properties' clients who require financing for DR properties. At Mortgage Innovations we are able to offer mortgage financing to Canadian, British, and American clients. You can look forward to competitive interest rates, long amortizations, and a generally, a favourable tax write off. The process is the same no matter where the property is located, or which lender is used. There are two options for financing an investment or recreational property:
1. Refinance an existing property to pay for the new purchase
(open only to Canadian clients)
2. Place a new, first mortgage on the DR property being purchased;
The first step in any mortgage approval process is to find out information
about the people purchasing, the property details of what you want to buy, how
much you want to spend or have offered already, and when it all needs to come together!
For much more in depth detail about international mortgages, please contact us via this form, or by phone at 780-474-7900. We will be happy to discuss all your options with you, including what is
involved in getting a mortgage on a foreign property, as well what you can qualify for.
The following outlines the basic steps and documentation requirements
for obtaining foreign mortgages:
Step 1: The Application
We will ask you about your personal information, details about the property,
and obtain your credit bureau report. Contact us or fill out this secure, online mortgage application.
Step 2: Approval
Based on the information given, we will submit the application to the appropriate lender and ask for a `conditional mortgage approval`.
Step 3: Supporting Documentation
The lender will verify that the information given is accurate. You may be required to obtain a letter of employment, income tax forms, etc. In addition, an appraisal of the property to be purchased will be done. For US or Caribbean lending, other documentation, like your passport, will also be required. Below is a partial list of required documentation:
Step 4: Funding
Once all the conditions on the mortgage approval have been satisfied, the lender will instruct
your property lawyer to pay the seller and release the keys - to you! Canadian properties
generally require 1-1/2 months for this process to complete; US and Caribbean properties take longer.
Please allow 1 ½ - 3 months.
Important:
For new properties, it is imperative that title and Deslinde be complete in order to obtain mortgage financing. We have a few developments and projects where mortgage financing is possible before the title process is complete. Please ask us for more information.
Foreign property lending is a very exacting process. We are happy to explain the ins and outs and get you started on owning your own investment or holiday real estate.