# Help! Buying a home in Ontario Canada



## redfoxhound (Feb 4, 2011)

Hello,

I am trying to get a mortgage loan to buy a brand new home. I am a Canadian citizen but my wife is American. She works remotely here in Ontario but she is employed in the US. She get's paid in US dollars and her pay cheque is deposited in a US bank account.

All the banks we've talked to can't give us a clear answer and most say that they need to do an exception for us to get approved with both salaries. Can anyone on here help me out?


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## Dana (Nov 17, 2009)

You might have better luck if you contact a mortgage broker. 

Do you know which area specifically you will be moving to? Do you know anyone there who might be able to refer you to a broker?


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## kcowan (Jul 1, 2010)

redfoxhound said:


> ...All the banks we've talked to can't give us a clear answer and most say that they need to do an exception for us to get approved with both salaries. Can anyone on here help me out?


As a first step, I would ask her employer for a confirmation of salary letter before approaching a mortgage broker. The broker will take a fee but it usually paid by the lending institution.


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## GeniusBoy27 (Jun 11, 2010)

kcowan said:


> As a first step, I would ask her employer for a confirmation of salary letter before approaching a mortgage broker. The broker will take a fee but it usually paid by the lending institution.


+1. That'd be most useful.


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## ACirelli (Feb 6, 2011)

*There are options available*

There are options available to you...

Provided both you and your wife can confirm your respective incomes and provided all other standard conditions of mortgage financing are met (clean & established credit, appropriate down payment, property type being purchased), arrainging a mortgage should not be a problem to an experience mortgage broker. 

Your wife will have to evidence that US income taxes are paid (evidenced through her original W2's) and further, if any monies for the down payment are being drawn from US financial institutions, then those monies shall have to be deposited into a personal Canadian bank account controlled by her/both of you and the source of such monies further supported by a Bank Letter of Reference from her US financial institution.

As for your rather less than joyous experience with the Banks, I cannot comment as to theri reasoning since I do not know your personal histories....however, its not uncommon for consumers to be misinformed and left unsure of their next step when dealing with bank mortgage "specialists".

P.S.

Not all Mortgage Brokers charge fees (contrary to other posted comments to your original posting)...and when fees are charges, they usually apply to hard-to-place borrowers with brusied/bad credit who then fall into sub-prime lending.



redfoxhound said:


> Hello,
> 
> I am trying to get a mortgage loan to buy a brand new home. I am a Canadian citizen but my wife is American. She works remotely here in Ontario but she is employed in the US. She get's paid in US dollars and her pay cheque is deposited in a US bank account.
> 
> All the banks we've talked to can't give us a clear answer and most say that they need to do an exception for us to get approved with both salaries. Can anyone on here help me out?


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## LondonHomes (Dec 29, 2010)

Your wife is officially a Canadian resident?

If she has Canadian resident status then she should be filing a Canadian income tax return each year and that should be all you need to prove income to the banks.

At the end of the day it shouldn't matter to the bank where your money comes from as long as you can afford the mortgage.


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## OhGreatGuru (May 24, 2009)

LondonHomes said:


> Your wife is officially a Canadian resident?
> 
> If she has Canadian resident status then she should be filing a Canadian income tax return each year and that should be all you need to prove income to the banks.
> 
> At the end of the day it shouldn't matter to the bank where your money comes from as long as you can afford the mortgage.


Unless they only moved here in 2010, in which case she will not have filed a return yet. But otherwise, you are right. Canadian residents have to report world-wide income.


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