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Helpful Tips For Canadian Home Buyers
January 08, 2015

Helpful Tips For Canadian Buyers *


All Property Types Including Condo-Tels

• 30% Down to $1,500,000 Loan Amount
• 35% Down to $2,000,000 Loan Amount
• 40% - 50% Down to $5,000,000 Loan Amount


Loan Programs Offered To Canadian Buyers
• Most U.S. mortgages are amortized for 30 years even the Adjustable Rate Mortgages (ARM).
• Hybrid ARM's are very popular with Canadians and are fixed for 5,7, or 10 years.
• Most U.S. mortgages do not a have a pre-payment penalty. If they do, it is typically no more than 12 - 24 months long.


Requested From Canadian Buyers
• U.S. mortgages now require full income documentation for at least 2 years. This would require T1's and T4's and Corporate/Business Returns along with current pay stub in applicable.
• We do offer a program that will allow for asset depletion to assist with income qualification. This is a good option for those with strong liquid assets


Requested From Canadian Buyers
• Full liquid asset documentation is required. Usually 2 - 3 months of bank, stock. mutual fund and/or retirement statements.
• Typically 70% of value of retirement funds may be used.


Closing Costs differ in the U.S than in Canada. The following are standard U.S. Lender fees:
• Points: These are an elected loan fee that has a direct relationship to the rate (1 point equates to 1% of the loan amount). The higher the points, the lower the rate and vice versa.
Lender Fees: Underwriting, Loan Docs, Admin, Processing, Funding...some or all of these may be applicable and will be disclosed on the initial Good Faith Estimate.

*Provided by Amy Webb - Director of Sales and Marketing  for  Elite Lending

Blogs for January 2015



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