First, foreigners need to open a bank account in Canada. Since it is a loan to buy a house, you have to make monthly contributions. Without a bank account, you can't pay the loan principal and interest. Many friends called to ask friends in Chinese mainland if they want to buy a house in Canada, but they have never been to Canada. Can they borrow money to buy a house? Although major commercial banks in Canada have branches or offices in China, which can help to open accounts, such accounts usually need to be activated in Canada before they can be used for payment. For example, after opening an account in Beijing Branch of Commercial Bank of Canada, customers can remit money to the account, but they cannot withdraw money from the account. Only when he enters Canada can he start the payment function of the account. Therefore, it is difficult for non-Canadian residents who have never been to Canada and have not opened a full-featured account to apply for mortgage loans. The solution is to open a valid account or a joint account with relatives and friends who have accounts in Canada during your visit to Canada.

Secondly, foreigners can't have bad credit records in Canada. Many Canadian non-residents who study or work in Canada have been studying and working in Canada for many years. If they have a bad credit record, it is difficult to apply for a successful mortgage loan. Foreigners can have no credit record in Canada, but they can't have bad records. For example, a Canadian non-resident visitor visa has no credit record in Canada. In this case, he can apply for a mortgage loan, but if he has a bad credit record, it is difficult to apply. Therefore, whether you are a Canadian resident or not, you need to keep a good credit record and form a good habit of paying credit card bills and paying various utility fees on time. Third, foreigners need to have enough down payment. Non-Canadian residents can apply for mortgage loans in some financial institutions in Canada, but the down payment ratio is usually higher than that of Canadian residents. Non-residents with work visas are exceptions, and such applicants can apply for a mortgage loan of up to 90% of the house price. Non-local residents with no income can apply for a mortgage loan of up to 65% of the house price. Canada's financial system is highly commercialized, and the loan policy of each commercial bank or non-bank financial institution is different. Many consumers mistakenly think that loan brokers can apply to all banks on their own behalf, but in fact, RBC Royal Bank, CIBC Imperial Commercial Bank, BMO Bank of Montreal and HSBC Bank of Canada do not accept the business agency of loan brokers. Therefore, foreigners who apply for mortgage loans need to consult themselves in many ways and will definitely find mortgage loans.

Fourth, foreigners can authorize their relatives or friends in Canada to complete mortgage loans on their behalf. Many friends asked if they could entrust their friends in Canada to complete the house loan transaction when they came to Canada with a visiting visa, took a fancy to the real estate, signed a house purchase contract, and had to leave the country after the visa expired. The answer is yes. Entrusting a third party to deliver real estate requires signing a power of attorney witnessed by a law firm. The most important thing is to find the bank that agrees to sign the loan documents through the power of attorney. There are not many such banks, and even if they agree, they will have strict requirements on the details of the transaction. Therefore, foreigners who come to Canada to buy a house with a visiting visa should find out the relevant requirements of the bank and the matters needing attention in the transaction before leaving the country.

Fifth, foreigners need to manage and arrange bank accounts in Canada. In the real estate transaction, there are two important links to withdraw money from the bank account, one is to pay the down payment, and the other is to pay the balance of the down payment before the property right is transferred. Some buyers with visiting visas can't stay in Canada before the property is delivered, so they need to make an agreement with the bank in advance so as to complete the transaction smoothly when they need to pay the money.

Sixth, many people are concerned about whether students with study visas need parental guarantee to sign visas. The answer is that some banks don't, such as BMO Montreal Bank.

Seventh, whether the down payment should be kept in the account of the Bank of Canada 1-3 months is also a topic of concern to everyone. The answer is the same as the sixth question.

Finally, when a foreigner borrows money to buy a house, the bank will ask the lawyer to indicate the "foreigner's tax payment clause" when handling the property right registration, that is, when selling the house, if the borrower is still a non-resident, he needs to keep part of the house payment until he completes the tax declaration before deciding how to dispose of the house payment.