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 Foreign National loans are loans made to international clients, or clients who do not keep their primary residence in the United States. In recent years foreign national loans have become increasingly popular because of the waning U.S . dollar. The weaker dollar and the phenomenal correction in real estate prices makes Arizona real estate, and other U.S. real estate, very appealing to purchasers from other countries.
It is relatively simple for Canadians to obtain competitive dollar financing in Arizona for a property secured in the U.S. The current mortgage market requires that the borrower put at least 25 percent deposit, document their income via an accountant's or employer letter, and verify that the funds for deposit belong to them. If a borrower cannot provide income documentation and need to do what is called a “stated income” loan, then the borrower can place an extra 5 percent down towards the deposit. The bank requires an appraisal or valuation report on the property and some banks require an international credit report. It takes anywhere from two to four weeks to complete the loan paperwork and is a very simple process. As a Canadian buying real estate in Arizona, you are going to be pleasantly surprised with the various mortgage options available to you. You will also be pleased with the favorable differences in the way fixed interest rates are handled in the U.S. Differences between Canadian and U.S Fixed Interest Rate Mortgages 1. Amortization: Typically 30 years in the U.S. vs. 25 years in Canada = lower monthly payments 2. Fixed Rate Period: 30 years in the U.S. vs. 10 years in Canada = less interest rate risk 3. Refinancing: Yes if rates drop in the U.S. vs. no refinancing in Canada = ability to lower payments 4. Interest: Compounded annually in the U.S. vs. semi-annually in Canada =no interest on interest Available Lenders & Mortgages
The RBC Mortgage Cross Border Mortgage Program helps non-U.S. citizens purchase or refinance a home in the United States. They have an experienced team of mortgage consultants dedicated to helping you obtain the right financing to meet your needs. Plus, they have streamlined the process to make it easier and faster for you to obtain a mortgage for a U.S. property. Program HighlightsThis is a full documentation loan program requiring income verification and income tax reporting 30 Year Fixed Rate Mortgages 20%-25% down payment needed Prime interest rates available
Harris Bank is affiliated with the Bank of Montreal and has a variety of adjustable rate programs for Canadian borrowers and first and second home buyers , as wells as investors.
Program Highlights3-5-7-10 Year Adjustable Rate Mortgages 20% down payment on all first and second home mortgages 25% down in investment properties with a slightly higher interest rate Buyer may have to put down an additional 5% depending on area and appraisal Prime interest rates available
Wachovia has stated loan programs that require very little documentation or verifications, but do require the borrower to put 30% down on the property. The interest rates on Wachovia mortgages can be 1.5% to 2% higher because of the low documentation requirements for loan approval. Their products are used by many investors because of the various lowest payment options provided by Wachovia.
Program HighlightsThis is a stated income loan program that does not require income verification 30 Year Fixed Rate Mortgages Investor loan with investor rates First home purchased is considered a primary residence
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Calgary, Alberta
Here's what your fellow Canadians have to say!
David Jackson & Kate Dillon, Calgary Alberta , March 20 2008
In mid-2007, Kate and I were seriously thinking about
investing in a property in the United States.
With the strong Canadian dollar and the soft U.S. housing market, we
figured this would be our best opportunity to really get a property that we
wanted at a great price. Our first choice was Hawaii (as we love Maui) but we
began to think about how often we could realistically get to the Islands. Our second choice was Arizona, as it is an
easy two-hour flight from Calgary and we have a total of 4 non-stops per day to
choose from.
I, like many people, am wary of the Internet sometimes, and
when I wanted to search for homes or condos on the Phoenix area MLS, I had to
align myself with an agent to get access to the MLS system. I found The
Carvalho Real Estate Group website and thought “what the heck”, so I entered my
criteria of what I was looking for and my name and phone number and that was
basically it. I am so glad I did!!!
I was immediately in touch with Kristin and had a great
initial chat on the phone on what we were looking for. It really was huge that the Carvalho Group has plenty of experience with Canadian clients, and they
understand the differences in our two real estate purchasing systems. We
immediately began receiving MLS listings and exchanged daily emails with
Kristin on what her thoughts were on the product, neighbourhood, etc.
Within 2 months (and a few trips down), we closed on a great
home, on a lake, at a great price. Adriana took care of all the closing
procedures and explained every step meticulously. The team was fantastic in
taking care of us while we were there and while we were back at home.
We are so glad that the Internet brought us together with The Carvalho Real Estate Group as they made the entire process from start to finish so easy
for us and the professional manner at every step of the way was second to
none.
We now have the Arizona property we wanted and look forward
to heading down on long weekends and other holiday times throughout the
year. We highly recommend The Carvalho Real Estate Group. Feel free to contact them for my contact info if you have
any questions for me.
David Jackson
Calgary, Alberta
Vancouver, BC
Glenn Cochrane, Vancouver, British Columbia, August 28, 2008
From our first contact our agent was prepared for us. She could always find the time to go as early as we liked or as late as we liked. All questions were answered to our satisfaction. If she didn't know the answer to a question she would do research to satisfy our inquiries. She was always organized for the day and had a game plan so none of the day was lost. She showed us places that she knew we would not be satisfied with but we had to see in order to strike them off our list.
Our agent was always pleasant and professional. I am not sure what goes on behind the scene when escrow begins, but Adriana through email and phone calls, kept us informed and up-to-date with the process of buying the home. The three months leading up to the purchase of our new home had us dealing with Kristin. We would receive many homes to look at sometimes on a daily basis over the internet so we could make decisions on where and what type of home fit our circumstance. Overall I would highly recommend The Carvalho Real Estate Group for purchasing a home in the Phoenix area.
Fort McMurray, Alberta
Toni Stacey, Fort McMurray, Alberta , August 10, 2008
We arrived home safely from vacation. It is nice to come home after living out of a suitcase for 2 weeks. I was happy to get back with my horse. I would like to thank you for sending Mary our way. She is an amazing lady and so professional in her job. She made our stay worthwhile from the first day of arrival to our last day of stay in Arizona.
Our decision to purchase our home in Queen Creek was made easy because we had the very best real estate agent in the U.S. What an outstanding person she really is. We laughed and enjoyed that lady so much. It was worth the trip. You are a very lucky lady to have her on your team.
We have already passed her card to family and friends and have told them how fantastic she is. I'm sure there will be more business coming your way because of her. Her patience and her kindness was above and beyond the call of duty. She just made us feel at home and we truly have found a new friend and will keep in touch with her along life's journey.
We plan on coming back to furnish our new home there during Christmas time, so we hope to be able to meet you as well during that time. I am sorry we did not get to see you as we would have loved to, but I guess as we were pushed for time and trying to find a house, we missed out on meeting you. Thanks again for all your help and for sending Mary our way. We really appreciate all you both have done and I'm sure we will still be dealing with your team until the final things have closed on the house.
Regina, Saskatchewan
Curtis & Reagan Baylak, Regina, Saskatchewan , August 16, 2008
How did you hear about our team? Personal Referral
Who was your Primary agent? Eric Abel
What did you enjoy most about working with us?
Enjoy!! is an understatement. Eric rocked. Adriana was superb. The whole process start to close was made easy by the team.
Did you work with any other members of our team? Yes
Who else did you work with? Adriana Tirado
How do you rate Adriana's services? Above and Beyond
How would you rate our teams overall service? 11
Please rate your Realtor and/or Buyer Specialist on thier consulting approach. Excellent
Please rate your Realtor and/or Buyer Specialist on their knowledge of the market. Excellent
Please rate your Realtor and/or Buyer Specialist on their ability to negotiate the contract. Excellent
Please rate your Realtor and/or Buyer Specialist on their ability to be on time for appointments. Excellent
Please rate your Realtor and/or Buyer Specialist on their professionalism. Excellent
Please rate our closing departments ability to return phone calls promptly. Excellent
Please rate our closing departments ability to explain your obligations and/or choices. Excellent
Please rate our closing departments professionalism. Excellent
Would you use our real estate team again? Of Course
If your purchasing or selling experience exceeded your expectations, would you be so kind as to give us a brief testimonial?
Beyond expectations !!! Eric is personable, down to Earth and was genuinely interested in helping us find a house. We felt like we had known him for years. Adriana was very pleasant and efficient, she assisted us with all our needs. She even helped my wife with directions and suggestions on where to buy furniture.(very helpful when you don't know the city at all. Very professional and friendly staff!
Toronto, ON
Andree & Philip Woodyatt, Toronto, Ontario, July 19, 2008
Nice office, nice people, the follow up to the purchase was amazing and continues to be so.
Mark and Adriana made the process of buying a house in Arizona all the way from Ontario, Canada, so easy and seamless it left one thinking that surely there must be more to this, and what else is there to do? But I was assured that our transaction was complete and we were now the proud owners of our winter getaway home (complete with three palm trees in the yard)!
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Frequently Asked Questions You've got questions. We've got answers. Read More
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