Canada

United States

Time to Process

5-10 days

30-45 days

Application Requirements

  • Income
  • Assets/liabilities
  • Other real estate you own
  • Type of property you're buying
  • Proof of 2 years of employment
  • Income
  • Assets/liabilities
  • Other real estate you own
  • Type of property you're buying
  • Proof of 2 years of employment
  • Country of residence

Documentation

  • Purchase and sale agreement
  • Confirmation of down payment
  • Proof of employment and income

Take a look at our mortgage documentation checklist to see what you need to provide.

(It's pretty similar to what you would be asked for in Canada)

Down Payment

  • 20% for a conventional mortgage (without CMHC insurance)
  • 5% for a low down payment mortgage (mortgage insurance is required)
  • 20% is typical for a home you plan to live in-either year-round or part-time
  • 40% is typical for investment properties

Closing Costs

Typically 2.5% of Purchase Price

Largely driven by:

  • Land transfer tax
  • Legal fees and disbursements
Closing costs may vary. Can be as low as 2.5% of purchase price.

Mortgage Interest

  • Not tax‑deductible
  • May be deductible against income tax26