Non-Resident Purchasers by Piero Fortino, Mortgage Specialist, BMO

January 21, 2015

BMO Bank of Montreal® is happy to provide mortgages to non-resident buyers:
• We consider a non-resident to be a person who resides outside Canada or within Canada with a valid temporary resident Visa, valid work permit or valid study permit.
• Applications must be taken in person with appropriate identification and documentation provided.
• A Canadian bank account is mandatory for payments and must be opened in person prior to funding of the mortgage.
• The maximum loan amount is $1,000,0001.
• Up to a maximum loan-to-value of 65% of the purchase price.
• For rental properties full rental coverage of principal and interest payments, strata and taxes must be provided.
• The maximum amortization for a conventional mortgage is 30 years.
• Non-resident mortgages are not eligible for default mortgage insurance.
• Payments may be made weekly, bi-weekly, semi-monthly or monthly.
• You may prepay your closed term mortgage up to 20% of the original mortgage amount (or 10% for the Low Rate Mortgage) without a prepayment charge each calendar year2.
• You may increase your payments each year by up to 20% (or 10% for the Low Rate Mortgage) without a prepayment charge each calender year.

Your business is important to me.
I can assist with your mortgage application and answer any questions you may have.

1. Subject to client meeting all Bank of Montreal credit criteria.

2. Applicable provided the mortgage is in good standing and provided you have not obtained an official payout statement. Some other conditions apply. Compliance with foreign tax laws may be required. The maximum loan amount in Metro Vancouver and Greater Toronto is $1.5MM. ® Registered trade-marks of Bank of Montreal.

As a BMO Bank of Montreal® Mortgage Specialist, I am committed to fully understanding your home financing needs and providing you with outstanding service and personalized solutions.
Let me present you with customized options to suit your needs.
I can meet with you at your home or office, night or day.

For convenient mortgage service, contact: Piero Fortino, Mortgage Specialist


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