Out-of-country buyers relocate

Brandon Scott is a Sherwood Park & Edmonton based mortgage consultant and the author of a weekly column entitled Real Estate Solutions in the Sherwood Park News. This article was originally published on March 1, 2013

It’s not uncommon for Alberta residents to entertain moving to the United States. Be it for love, climate or work related matters the excitement of the transition can often lead to neglecting a plan should you want to return to Canada in the future. This week we received a phone call from a family wanting to do just that. Several years ago they moved out of our no PST province (hint – why would you ever want to leave?). Now, for a variety of reasons they were coming back and wanting to explore their home buying options. While out of the country the family fully invested themselves in developing their credit and establishing themselves with lenders as a no risk or low risk client. They however neglected to maintain their Canadian accounts thus upon reviewing their application it appeared as though they had no credit history. This was obviously not the case as they were previous residents, but it now meant there were other steps that they would need to go through in order to obtain the financing they would require. A foreign credit bureau could be obtained to assist with the application in addition to other sources to confirm their credit history and regular on-time payments such as utility bills, cell phone statements, insurance premiums or childcare expenses. It is worth noting though that many banks now offer cross-border banking and with the convenience of accessing accounts online maintaining your Canadian credit identity as never been easier. Something to consider that will make life easier if there is the possibility of returning in the future. Download the current e-edition of the Sherwood Park News