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 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.
Canadian Mortgage Brokering Industry
The Canadian mortgage brokering industry still has a long way to go in becoming recognized as a primary source of financial services for real estate financing equal to the big banks. What many people do not realize is that Canadian mortgage brokers and agents for the most part get mortgages for their clients from the big Canadian banks and even those with stable income / employment and strong credit scores can still work with mortgage professionals. It’s actually to their benefit to go through a mortgage broker / agent as our services are more specialized and customer service oriented with our clients best interest first in mind.
Mortgage Brokers and Agents must study specific industry courses as a minimum benchmark before they can be allowed to get licensed by their respective Provincial regulator.
The official national association that represents the mortgage brokering industry is called the Canadian Association of Accredited Mortgage Professionals CAAMP.
Is your mortgage coming up for renewal? Are you thinking about a mortgage renewal option? Have you considered the option of shopping around for a better mortgage product or mortgage interest rate instead of just staying with your existing mortgagee? Unfortunately many Canadians who are mortgage holders renew their mortgage with their existing mortgage bank / lender. The matter of fact here is that if you work with a Mortgage Professional, such as a Mortgage Broker or Mortgage Agent they will shop around and check to see if there are any other products out there with a better rate for you, therefore greater savings in the long run as well.
The cost for you to change banks or lenders at renewal time is minimal. Many mortgage lenders have promotions to attract customers from their competitors. Lenders provide perks to bring in more renewal business such as covering your legal and appraisal fees and also paying for your discharge fee to switch your mortgage.
Usually the mortgage professional will not charge you a fee either. This is another saving and a win-win situation for you.
Canadian lenders can guaranty a mortgage rate up to 120 days before the closing or renewal date of your mortgage. That means that you should start shopping around at least several months before your renewal date to take advantage of any good mortgage rates or products that are out there in the Canadian market place. At Trusterra Mortgage we work with our clients and do our best in providing exceptional and trustworthy service and honest advice for their best interest.
What are you waiting for? Contact us and let’s work together in helping you get the best mortgage out there suited for your needs.