USA MORTGAGES FOR CANADIANS
Helping Canadians obtain mortgages in the USA
As of January 2020, Canadian Dynamic Mortgages is offering a unique mortgage service to Canadians. Whether you’re looking for a primary residence, investment property or a vacation home in the United States, Canadian Dynamic Mortgages is able to provide mortgage services to Canadians looking to obtain an American mortgage. Working with Canadian Dynamic Mortgages gives you access to our network of real estate professionals across the United States. From real estate agents to lawyers, our network of trusted real estate partners will be able to help you with the entire process from beginning to end, stress-free.
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Important facts about applying for a mortgage in the USA
Canadian Dynamic Mortgages will use your Canadian credentials such as credit report and proof of income for qualifications.
In order for Canadian Dynamic Mortgages to finance a mortgage for a property being purchased, you - the buyer, would need to put down payment between 20 - 30%.
At Canadian Dynamic Mortgages, we will offer the best and the lowest interest rates available.
Choose between 3, 5, 7 and 10 year terms amortized over 30 years. No pre-payment restrictions. Make penalty free lump sum payments anytime.
FEES & EXPENSES
Be prepared and take into consideration additional fees & expenses. While some costs may be lessened to non-existent, closing costs such as appraisals, inspections and title closing costs are still present.
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an American Mortgage
There are a few points you should familiarize yourself with before starting the application process for an American mortgage as a Canadian citizen. To make it easy, we have compiled the most relevant points you should know about the process before starting. By getting a better understanding of these main topics, you’ll set yourself up for a smooth application process.
Just like any other mortgage, in order to be eligible, you will need to submit a standard mortgage application with supporting documentation such as proof of income and a breakdown of your total assets, liabilities and credits. This is required because your qualification of a mortgage is based on a standard formula used to calculate how much you are eligible to borrow. Once all documents are received, we would be able to provide you with a pre-approval in only a matter of days. However, once a purchase offer has been accepted, it will take approximately 30 days for the mortgage process to get a letter of commitment. We advise all clients to not get themselves involved in any quick or short closing periods less than 30 days.
Unlike Canada where interest is collected semiannually, American interest tends to be accrued monthly. These rates can be extremely low when opting for a term to be fixed for 15 - 30 years. The Adjustable Rate Mortgages, or also referred to as ARMs, are more so available for buyers looking to opt for shorter terms spanning 3 - 7 years with amortization periods leading up to 30 years.
Another critical point to take into consideration are the additional costs associated with your real estate transaction such as closing costs and other expenses. A buyer looking to purchase a property in the USA can expect to pay the general appraisal fee, an inspection fee and title closing costs. Mortgage origination and application fees in the United States may vary anywhere between 1% - 3%. If you already purchased a property in Canada, you might be familiar with the ability to prepay part of your mortgage for a fee or penalty. American mortgages do not have prepayment fees for early payoff which means those costs would need to be included upfront with the rest of the other costs and expenses.
No matter the property type, whether it’s your first, second, seasonal home or investment property, Canadian Dynamic Mortgages covers them all. That is why we are a prime choice for Canadians looking to enter the American real estate market because of our flexibility when it comes to your real estate needs. If you’re looking for a seasonal home to escape the harsh Canadian winters, we can help. If you’re looking to relocate to the United States and start a new life, we can help. Even if you’re looking to expand your real estate empire and purchase commercial real estate, we can help. Let us be your partner when it comes to entering the American real estate market. Whether the property is $50,000 or $20 million, we can help.
Your needed down payment will vary depending on a couple of factors. Calculating your down payment takes into consideration your credit history, the respective state where the property is located and the type of property. Only after these factors are taken into consideration and calculated will you know the required down payment you will need. Based on the scenarios we’ve encountered, if you have a healthy credit score, looking to purchase a secondary property, you should expect to pay anywhere from 20% - 25% of the purchase price as your down payment.
American mortgages are quite adaptable to what your needs are. You’re able to have a longer, fixed-term option with extremely low interest rates or a shorter, adjustable rate mortgage which allows you to be more adaptable to changing markets. Most mortgages offer you as the borrower to have the ability to pay off the mortgage at anytime with no penalty.