Cross-Border Specialist
Canadians will find getting a mortgage in the U.S. to be very different from the process in Canada.
Learning about the differences beforehand will help your home buying go more smoothly.
With today’s low interest rates and wide selection of U.S. properties available, this is an excellent time to consider purchasing real estate in the United States, and a U.S. mortgage1 can give you significant benefits, including:
- No pre-payment penalties. You can repay your mortgage at any time you like.
- Mortgage interest may be deductible against taxes in the U.S.2
- Mortgages are amortized over 30 years, longer than typical Canadian mortgages, which will reduce your monthly payment.
With the benefits in mind, it’s also important to consider these major differences between U.S. and Canadian mortgages:
- Timing
- U.S Mortgage Application
- Documentation You Provide
- Down Payment
- Costs
- Insurance
- Mortgage Interest
- Documentation You’ll Receive
**Limited Time Offer- 50% Origination Fee Discount when applying for a mortgage through RBC Bank between now and March 2015 (Standard origination fee on an ARM is 1%!!)
If you are looking to purchase property in the Four Corners area and need more detailed information regarding obtaining a mortgage, contact us today! One of our experienced agents will be there each step of the way. We will ensure you have the appropriate tools to make a dream become reality. Fill out the contact form below and we will be in contact with you shortly!
Source: http://www.rbcbank.com