Canadian Investors Need American Mortgages
by: Brian.Brady on November 15, 2007 22:14:11 3 comments »
Canadian investors are looking for mortgages in America. The search engine Google.ca tells me that many are seeking advice from this website. The parity between the loonie and the dollar has created an extraordinary opportunity for Canadian investors to buy American property and take advantage of the exchange rate.
Can a Canadian investor actually get a mortgage in America? The answer is yes. There are higher downpayment requirements and the documentation can be onerous. For Canadians who wish to buy an investment property, the downpayment requirement is usually 35%. Canadians who want a vacation home may need as little as 25% downpayment. Why so much higher than their American counterparts? Americans can buy property with no money down. The answer lies in the risk. Canadians share a common language, common holidays, and a very similar culture ( we both like hockey, basketball, football, and baseball). Canadians have the ability to "bolt" with little or no recourse in their home country. That added layer of risk is the reason for the higher downpayment.
Canadian Investors Can Apply For an America Mortgage Here.
Canadian nationals, working in America on a valid visa, are a different story. Thos downpayment requirements go as low as 10%.
If you are from the land that stole the 1992 World Series from my beloved Phillies, I willingly fund loans for you. I will get awfully testy if you bring that up and may be inclined to remind you where the Stanley Cup resides but I am generally pleasant. We can talk religion, politics, and definitely money but please be gentle about 1992.
My number is (858)-699-4590 and I fund loans in 42 states.
Looking for mortgage for house in Florida. Canadian citizen. Do you offer mortgages to Canadians?
Permalink November 17, 2007 17:03:16 Thanks
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