FundRobot » Growth Fund » american and canadian buying apt. in canada?

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Old   #1 (permalink)
 
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Default american and canadian buying apt. in canada

Hi guys, recently my boyfriends brother was talking to my boyfriend about him buying an apartment and renting it out to help us secure our financial future. Ive tried googling the key words I used in my question but nothing came up. Right now we're waiting until I'm done, or close to done with school before getting married and starting the process for me to become a perminent resident in Canada. I want to be able to be on the mortgage so that I can help pay it off too. Does anyone know what we would need to do to make this happen? It wouldnt be for atleast another year or so while we both save up copious amounts of money while we still have the luxury of living at home but I want to know what we will be facing. I also get a better loan deal since my bank is Navy Federal. Would it make more sense for me to take out the loan or would it be better if it was from a canadian bank?

Cash754 is offline   Reply With Quote
Old   #2 (permalink)
 
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Default american and canadian buying apt. in canada

If you plan to purchase property in Canada, Navy Federal Credit union a United States based credit union would not approve a mortgage loan for foreign property. You would not be approved by a United states bank for a mortgage loan when purchasing property in Canada.

You might would want to find a local Canadian bank that does mortgage loans in Canada to find out the qualification of purchasing a property in Canada. See if credit scores are used as they are in the United States, How income play a role in the purchasing property. You would want to know the interest rate with buying a rental property as oppose to buying a place where you would reside.

If you plan to assist in the down payment, Canada might would want to see the down payment money in a Canadian bank as oppose to a financial institution in the United States. This leg work must be taken care of prior to you wanting to purchase any property in Canada.

It might be a question of if funds are allowed to be used as a down payment if the funds are currently in a United States financial institution. It might be assumed by the mortgage lender that the funds are currently in a Canadian financial institution, therefore the Canadian mortgage lender might not consider bringing this subject up.

In some cases the requirement might be that the down payment must be in a Canadian financial institution more than 180 days prior to a mortgage loan being approved by a Canadian mortgage lender.

You might also consider making a contract between you and your boyfriend concerning the purchase of the property. You would want to make sure who would be paying what, the percentage, how title would be held. In the event the relationship did not go as planned who would be able to reside in the property and how any profit would be divided. This important, as there would need to be a structure. It is too late ot agree to something once the fingers are being pointed at each other.

I hope this has been of some benefit to you, good luck.

"FIGHT ON"
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