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Published May 14, 22
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entails first. Accordingly, we’ve compiled an introduction to U.S. mortgages to help Canadian snowbirds better understand how vacation home mortgages work and decide if it’s a good option for you. What options do Canadian snowbirds have to pay for the purchase of U.S. real estate? Many Canadians want to invest in real estate in the U.S.

Whether you intend to use it as your own vacation home, are buying it for future use or are simply investing in U.S. Sunbelt real estate, you should consider carefully the best way to pay for it. Canadians generally have three payment options when purchasing U.S. real estate: (HELOC) against the equity you have in your Canadian residence, or against the U.S.

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mortgage rates. When the dollar was at par, a number of Canadians paid for their U.S. real estate in cash or using a home equity line of credit against their Canadian residence, which might have made sense at the time to take advantage of the strong purchasing power of the Canadian dollar.

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in early 2017, this may not be your best option, as you’ll have to come up with considerably more cash in Canadian dollars to convert to the U.S. purchase price – a 32 or 33% premium. Accordingly, when the Canadian dollar is weak, your best option is often to get a mortgage against your U.S.

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“Most economists are predicting the Canadian dollar will remain at the same level, or perhaps fall even lower, in the foreseeable future,” advises Alain Forget, Head of Sales & Business Development, RBC Bank (Georgia) NA. “Keep in mind that over the past 35 years, the Canadian dollar had an average exchange rate of about $0 (Latest news here).

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Also, in some very competitive U.S. real estate markets, many realtors won’t start working with a potential buyer if you don’t have a pre-qualification letter. It can also give you an edge in a situation where there are multiple offers on the same property - while a pre-qualification letter may not be as good as a cash buyer, you’ll be in a better position than a buyer who does not have a pre-qualification letter and needs to apply for a mortgage.

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real estate? If you are considering financing the purchase of your U.S. vacation home with a mortgage against the U.S. property, it’s important to understand that , as they don’t have legal jurisdiction in the U.S. Accordingly, Your best bet will almost always be to get a mortgage from a - more on this later.

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mortgages different than Canadian mortgages? Canadian snowbirds will find that there are many differences when applying for a mortgage in the U.S. Vs. Canada, as the laws, rules and regulations can be quite different. Some of the specific differences you will notice are: While mortgage approvals in Canada are relatively quick, taking about 4 or 5 working days, approvals In the U. Current Mortgage Rates Ottawa.S.

The documentation required is quite complex and includes things like a requirement to provide two years of tax returns, bank statements, your other investments, well as other supporting documents. While some documents might be similar to those required to secure a mortgage in Canada, others will differ. Another important distinction that you must be prepared for is that the closing costs will be about 3% of the loan amount.

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dollar. These differences have nothing to do with you being a Canadian, the rules are the same for American applicants. It is very important to speak to a professional at a lender that specializes in offering mortgages to Canadians in the U.S. to understand all the different terms. It’s best to use a U.S.



from many lenders - whether they are affiliated with a Canadian financial institution or not - your first choice will almost always be to seek out a There are significant advantages to working with a Canadian affiliated lender, including: Most U.S. banks don’t really want to deal with foreign nationals.

However, Canadian lenders with U.S. operations are much more comfortable lending to Canadians, and won’t charge such a big premium on your mortgage rate, if they even charge one at all. For example, in early 2017, mortgage rates in the in the U.S. were around 4%, and Canadians could get a rate like this from a Canadian lender with U.S.

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more efficient and provide a better borrowing experience overall“, said Forget. How much can you borrow? Remember, since this isn’t your primary residence, the down payment you will need for a U.S. property will be more that what you would have to put down as a down payment for your primary residence in Canada.