Can I get a Mortgage?
Yes! You must first start with an application with a lender capable of completing loans to Foreign Nationals. A number of banks do not offer a foreign national
program due to a number of changes in lending, however, we do work with great banks that can get you a great loan program. I will put you in contact with a lender
that is familiar with Canadian financing.
Generally lenders are requiring 30% of the purchase price as a down payment. A number of our clients elected to purchase with financing so they could wait to
exchange their Canadian funds when the Loonie was in a stronger position. Almost all loans in the US are open ended loans, so they can be paid off at any time,
with no penalty.
Are there advantages to paying cash for the property?
Yes! You will save approximately 2% of the purchase price, in loan fee's. You can also generally buy the property better, as seller's are more willing to work with
a cash buyer. When buying bank owned properties, the seller will usually select a cash offer, when competing with one with financing.
What happens when our offer is accepted?
Once you're offer is accepted, then its time to open escrow. This is done by the buyer sending the escrow company the earnest money funds, which are then applied
to the closing figure. Since title companies do not accept checks from Canadian accounts, then its best to wire funds, or a check from an American bank will work
as well. |
