Americans buying Canadian Real Estate

Follow Us on Facebooktwittergoogle_pluspinterestlinkedinyoutubetumblrinstagramflickr

Americans buying Canadian Real Estate

With the value of the Canadian dollar being so low in comparison to the US dollar, it’s never been a better time as it is now for Americans buying Canadian real estate.

Now that the U.S. dollar has so much buying power here in Canada, American’s are finding it difficult to avoid the opportunity to invest in their second home, or vacation property in such places as cottage country in Alberta or Ontario.

If you have considered the possibility of purchasing real estate in Canada we can help you with any mortgage related matters. As well, we would be able to connect you to Realtors in the area you are considering to buy. Contact us to find out more about your options.

Americans buying Canadian real estate

Americans buying Canadian real estate are finding many options of properties to choose from with reasonable down payment requirements from the Canadian lenders.

Another good reason why Americans are buying Canadian real estate is due to their close proximity to Canada, the longest border in the world and only a few hours away in many instances.

Having very similar credit score rating systems in Canada and the United States of America the Canadian lenders accept U.S. credit reports and employment making the mortgage application process fairly routine and the same as the American would go through in the U.S.

Share on Facebooktwittergoogle_plusredditpinterestlinkedintumblrmail
Mortgage Calculator

Mortgage Calculator

Follow Us on Facebooktwittergoogle_pluspinterestlinkedinyoutubetumblrinstagramflickr

Mortgage Calculator

With the advancement of the world wide web, and the progress of technology making it easier than ever for the consumer to perform research online for almost every subject under the cloud, more people are also using online mortgage calculators to find out how much their potential monthly mortgage payments would be, or how much they can get approved for.

Trusterra Mortgage also offers a mortgage calculator for visitors to explore their options. For basic calculations the mortgage calculator will get the job done, but for more advanced and accurate results it is always best to consult directly with a mortgage professional. That is why we here at Trusterra Mortgage always take the extra steps and time to really understand our clients need to be able to better serve them and provide the best suitable information and advice for our client. mortgage calculator

As mortgage professionals we have access to an advanced industry grade professional mortgage calculator that takes into consideration all the needed numbers and information in order to provide accurate results.

Whether you are ready now to apply for a mortgage or just wondering how much you could get approved for, or want to know what would be your monthly mortgage payments, we suggest that you Contact Us, at no cost to you of course, and let us help you and answer all your mortgage related questions.

Share on Facebooktwittergoogle_plusredditpinterestlinkedintumblrmail
Beginners Guide to Getting a Mortgage

Beginners Guide to Getting a Mortgage

Follow Us on Facebooktwittergoogle_pluspinterestlinkedinyoutubetumblrinstagramflickr

A beginner’s guide to getting a mortgage

In this beginner’s guide to getting a mortgage we will take you through the main steps of applying for a mortgage application. This beginners guide to getting a mortgage will cover the main points that will help you better understand what is involved when getting a mortgage in Canada.

Beginners Guide to Getting a Mortgage

A beginner’s guide to getting a mortgage STEP 1 – find a mortgage professional

We strongly recommend you working with a Mortgage Broker or Agent. They are licensed with their respective Provincial Governments and have met all the required educational standards to become a licensed mortgage broker or agent.

There are many advantages to acquiring the services of a mortgage broker or agent. To name a few;

  1. They work for their client’s best interest,
  2. Mortgages are what they do day-in, day-out,
  3. Because a mortgage broker or agent is not working for any of the lenders there is no conflict of interest for them towards pushing you to one lender or the other,
  4. They constantly stay up to date with the real estate financing world by participating in continuing educational courses and workshops.

A beginner’s guide to getting a mortgage STEP 2 – ‘checks and balances’

Buying real estate is, for most people, the largest single investment they will ever make, and because of this, getting a mortgage should not be taken lightly. Every person thinking about buying their own home whether now or in the future should start planning for the inevitable. What is the inevitable you ask? It is being able to show the lender that you are able to pay them back on a timely manner as agreed upon based on your credit strength and income. And how do you show this in practicality? Lenders such as Chartered Banks, Trust Companies, and Credit Unions follow Government underwriting guidelines, and as well their own internal policy’s, all designed to test how strong or week someone’s personal financial strength is in comparison to their debt level’s to be able to pay back the mortgage loan. To do this the lenders have certain requirements and they ask for information from the borrower when considering whether to approve them for a mortgage loan or not. They want to make sure at minimum the borrower has:

  • Enough income to pay back the monthly principle and interest of the loan
  • At least 5% down payment or more; you can even use gifted money from immediate family
  • A satisfactory credit history and a healthy credit score
  • We also recommend checking your credit report and score regularly, perhaps every year or two at Equifax and Transunion. This is great preparation for when you are ready to apply for a mortgage by making sure there are no discrepancies or fraud activity in your accounts.

Beginners Guide to Getting a Mortgage

That means from now you can start putting aside money each month in your bank account for your down payment and making sure that you have a steady job or income coming in to show the lender that you can afford to pay back the loan. As well, you want to make sure that you are paying back your debt on time, and on a monthly basis, and not be late making those payments.

A beginner’s guide to getting a mortgage STEP 3 – Consult with your Mortgage Broker or Mortgage Agent

Beginners Guide to Getting a Mortgage

Now that you have done your checks and balances, you can contact your Mortgage Broker or Mortgage Agent and consult with her or him about your current financial strength and debt obligations. They will ask you to fill out their mortgage application so that they can better assess your financial health and credit worthiness/readiness to apply for a mortgage. Your mortgage professional will, after reviewing your financial and debt history, ask further questions and give you advice on what steps to take next; whether to continue with your mortgage application or to wait until other matters are taken care of to strengthen and improve your chances of getting approved for a mortgage.

 

This post and its content, we hope, has provided you with the basic information you need when considering applying for a mortgage. Don’t hesitate to Contact Us with your questions, and if you would like to start the mortgage application process. As well, we invite you to share any thoughts you may have about the mortgage application and approval process below in the comments section.

Share on Facebooktwittergoogle_plusredditpinterestlinkedintumblrmail