Can A Non-Resident Get A Good Mortgage Without Social insurance Number and Credit Rating In Canada?smt-0079admin
Definitely! Here’s a true story brought to you from Alberta:
A mutual friend introduced Jonathan to me. When we met, there were two questions on his mind: Can I help arrange a mortgage in provinces other than British Columbia and Toronto, and can a non-resident that has no SIN be qualified to get a Canadian mortgage? I was happy to reply to the two questions: yes, it’s doable.
Jonathan, a divorcee in his fifties, arrived to Edmonton seven months ago, following his new love – Mary. Jonathan has stable financials. His pension plan, after early retirement from a high ranked position, left him with a significant monthly income and a substantial one-time grant. After a rational analysis of their financials, Jonathan and Mary decided they are better off purchasing a house rather than paying high rent. Jonathan planned to buy a house, paid half from his own resources and half by getting a Canadian mortgage. In addition, Jonathan and Mary decide to look for houses with rental income of $1200. Their calculations showed that this way their monthly cost for accommodation, including annual city taxes, would be nearly zero.
At this stage the couple encountered an obstacle. Jonathan submitted a mortgage application to the bank. A few weeks later, the bank that had a history of his income, the very same one that saw the high monthly deposits, had declined Jonathan’s mortgage request.
Jonathan was referred to me and we started the process. It was a real pleasure working with him, as all my requests for paperwork and supporting documents were answered in record time. I contacted one of the senior managers of a big bank. Even before we started the formal process of getting an approval, all Jonathan’s income documents and those that substitute a credit rating had been reviewed. All small details were looked at and the overall situation looked promising.
A few days later I contacted Jonathan to share the good news, only to learn he has news of his own. He saw a new listing in a desired area, for the exact price he wished for. The house was fully renovated with a rental suite that generates $1300/m. Jonathan got the go-ahead and put in an offer. His offer was accepted, and the same week Jonathan got mortgage approval that guarantees him the best rate a Canadian resident can get.
In this case, all communication was dealt with from far. Today’s advanced technology including cell phones, Facebook chats, e-mails, as well as Skype, allow us to keep connected in real time. We were not surprised to experience such a smooth process, as we’ve had multiple clients that have succeeded despite distance issues. That being said, we’ve also had the same experience with clients we’d never seen before, even if they only live 20 minutes from our office. Thanks to technology and constant communication, distance is no longer a challenge.