Real Estate

Refinancing Question

  • Last Updated:
  • Apr 18th, 2020 7:59 pm
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[OP]
Newbie
Dec 5, 2007
15 posts
Toronto

Refinancing Question

Hi All,

Looking for some insight from the professionals.

I currently have a 1 year mortgage with a second tier lender (i forgot the exact term but its not with one of the big banks), which just recently began. My plan is to try and refinance after the 1 year with one of the big banks for a 4 year term. Also, for additional context, I have another rental property.

My main question is this - I may potentially be up for a promotion at work which requires me to relocate to Dublin near the end of 2020. In the event that I pursue this opportunity, what are my chances that one of the top banks will offer me a mortgage? From the research I've done, Canadian expats who want to purchase property back in Canada can do so, but will most likely need to put 35% down. Im just not sure how this works when refinancing.


Any insight will help! Thanks!
4 replies
Deal Fanatic
Apr 5, 2016
5212 posts
3707 upvotes
Calgary/Vancouver
mystical89 wrote: Hi All,

Looking for some insight from the professionals.

I currently have a 1 year mortgage with a second tier lender (i forgot the exact term but its not with one of the big banks), which just recently began. My plan is to try and refinance after the 1 year with one of the big banks for a 4 year term. Also, for additional context, I have another rental property.

My main question is this - I may potentially be up for a promotion at work which requires me to relocate to Dublin near the end of 2020. In the event that I pursue this opportunity, what are my chances that one of the top banks will offer me a mortgage? From the research I've done, Canadian expats who want to purchase property back in Canada can do so, but will most likely need to put 35% down. Im just not sure how this works when refinancing.


Any insight will help! Thanks!
Refinance is the same way as when you were purchasing new property. A full application is done including verification of income and employment. Check with your lender but in this case, you may be able to bypass the 35% down requirement.
Member
User avatar
Jan 7, 2019
320 posts
306 upvotes
Just remember that you will need to be here to sign all the documents. So if you're going overseas to work, get your application approved and signed before you leave.
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Deal Fanatic
Apr 5, 2016
5212 posts
3707 upvotes
Calgary/Vancouver
BrokeMillennial wrote: Just remember that you will need to be here to sign all the documents. So if you're going overseas to work, get your application approved and signed before you leave.
Not necessary anymore. I know lawyers in Ontario and BC can now facilitate signing documents via video conferencing. Although this practice is put in place due to COVID-19, not sure if it'll be allowed when OP actually does the refinance end of 2020.
[OP]
Newbie
Dec 5, 2007
15 posts
Toronto
bomber17 wrote: Refinance is the same way as when you were purchasing new property. A full application is done including verification of income and employment. Check with your lender but in this case, you may be able to bypass the 35% down requirement.
I appreciate the help!

The main part im really concerned about is the 35% down payment. I initially put down 20%. If i end up leaving the country, I'll still be able to proof my employment/income and i dont even mind flying back for the process. However if refinancing as a non-resident means i have to put down 35%, then I dont think leaving the country will be financially possible. The alternative would be to wait until the refinancing the done and then leave the country, but I really prefer not to wait until April 2021.

I'll call a few banks to see what they have to say.

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