This is a recurring topic in my blog as there is always a great deal of interest from Canadians wanting to know how they can qualify for a mortgage to take advantage of red hot bargains in Florida, Arizona and other parts of the USA.
A young lady recently wrote “I’m looking to get a pre-approved mortgage for $150,000 to buy a condo property in Florida. Between Tampa and Orlando, close to the beach. I heard about a few Canadians who got a mortgage and I would like to apply for it. Hope you can help me; thanks Rachael”
Hi Rachael, if you are suggesting you might want to take equity out of your present home to buy the property in Florida, for sure I can help you with that. If on the other hand (I think this is the case) you want someone to mortgage a new Florida property – that’s going to be very difficult – unless you have some status in USA.
Canadian mortgage agents are not licensed to provide properties in the USA and traditional Canadian mortgage lenders do not do mortgages across the border. However some have USA subsidiaries who might be able to help you. Best example is TD Bank in the USA – you can research them here at your local branch and online, but to open accounts with them and work on a possible mortgage you will need to visit a TD Branch in the USA neighborhood you wish to buy.
I am sorry the news is not better, and not to be a Debbie Downer, but here is a recent post from my website on a USA resident’s perspective on a Canadian getting a mortgage in the USA.
What I am seeing these days is Canadians initially buying properties for ‘cash’ – say from borrowed funds or investments, and then once they have the house, go about trying to qualify for a mortgage.
A note to my readers – I am always looking to be current; if you or someone you know has recently taken on a mortgage in such situations, please let me know so I can pass the information on others.