New Immigrant program and Non Resident Program

New immigrant program General Details
Client must be a landed immigrant within the past 10 years.
Immigrants coming from USA must provide full financial disclosure.
Property must be owner occupied. Property can be single detached, semi-detached, freehold and condo town homes and condo apartments (excluding multiplexes) in any location in Canada with a populations equal to greater than 100,000.

31% - 80% down payment/ full financial disclosure - Income required.
No limit on maximum mortgage amount.

30% down payment / partial financial disclosure - no income required and the property your purchasing must be your primary residence.
Maximum mortgage is $1.5 Million.

Non-Resident property
A non-resident of Canada can purchase a home in Canada assuming it will be used as an investment property. Client must meet one or more of the following characteristics: Good reputation and well known to BMO. Favorably introduced by a Bank customer of undoubted integrity or letter from applicant's present banker. Considered an acceptable credit risk on the basis of banker's and or credit bureau report. Residents of USA must provide full financial disclosure. The home must be located in a highly rentable location and not in a rural area.

31% - 80% down payment/ full financial disclosure - Income required.
No limit on maximum mortgage amount.

35% down payment / partial financial. The expected rent must cover 100% of the expenses. Maximum mortgage is $1.5 Million.

Homeowner’s Line of Credit

A line of credit secured by a first position collateral mortgage on the borrower’s principal residence or residential rental property. The credit limit is determined by an economic appraisal on the property to assess the value and the borrower’s affordability to repay the line of credit. The issuing financial institution will secure a line of credit using up to 80% of the appraised value of the property. Some lenders will lend above 80% of the value with an added mortgage default insurance premium.
Mortgage and Line of Credit Combination

A first position collateral mortgage secured on the borrower’s principal residence or residential rental property with a line of credit that is either equal to the mortgage amount or more. 

The benefits of this product are:

• As you pay down the mortgage you have more line of credit limit available
• This 2 in 1 product and only requires 1 charge against the subject property
• The mortgage portion can be fixed or variable and can have up to a 40 year amortization
• The line of credit can have interest only payments with the interest rate as low as prime lending rate

Mississauga Real Estate

Mississauga is Canada's 5th largest city and the growth continues. In the years to come, Mississauga real estate will only become more popular as a desirable place to live. The congestion, crime, air pollution, high rents, high taxes, and lack of recreational parkland make life in the big city less desirable. Mississauga has clean, open space, plenty of shopping, good schools, and recreational opportunities. And it's no too far from Toronto should you want to enjoy the great things Toronto has to offer. There's never been a better time to take a look at Mississauga real estate listings for a home or condo that fits your lifestyle.