getting financing on US home purchases

hawkeja
New Member



Joined: 23 Feb 2008
Posts: 1
Location: barrie

Posted: Sat Feb 23, 2008 8:10 pm

 

---

does anyone have access to getting mortgage financing on US home/investment property

---

Steven
CanuckAbroad VIP



Joined: 28 Sep 2007
Posts: 739
Location: Calgary

Posted: Tue Mar 11, 2008 11:25 am

 

---

I think the general consensus we reached before was that it's better to get it from a Canadian bank, preferably one that you already have a Canadian mortgage with. So check with your local bank to begin with.

There are some (but by no means all) US banks that will do it but (a) you're at the mercy of a change in the exchange rates, as you have no idea what the exchange rate will be years from now and (b) the mortgage mess in the US means you will find it hard to get a mortgage for the same reasons Americans are having difficulties.

The only reason to use a US bank as far as I can see is if you are planning on moving there on a permanent basis at some point in the future.
_________________
Steve.

---