There are many good reasons right now to consider buying a vacation home in Canada. Some of them include the fact that the dollar is very advantageous for you right now, our interest rates are near all-time lows, and we have homes in any type of climate you may love to locate to. Just because my website is MortgageInOttawa.com doesn’t mean I just do mortgages in Ottawa. I can help with mortgage financing anywhere in Canada and you will find no one faster and more thorough than me.
In Canada, our financing rules are always changing so what I write now may change but I am always one phone call, text message or email away.
Here are some tips for obtaining home financing for Americans in Canada:
- Please make sure you have 35% (in Canadian dollars) for down payment
- You will have to put your funds in a Canadian bank account, so if you are up in Canada looking for houses, open one up. I would suggest TD Bank as they have an American TD Bank as well and it makes things easier.
- Please provide documentation for 30 days at least of history for each bank account or savings vehicle where your down payment will be coming from. Make sure your name is well presented for each account.
- Having two of your most recent W2’s on hand is recommended.
- Please provide your purchase and sale agreement as well as your MLS document
It is not as difficult as you may think. If you have any other questions, please email me at nick@mortgageinottawa.com or call me at 613-294-4475. I love going to the States and reading about your history. I look forward to helping you get a great vacation home here as well!
