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Frequently Asked Questions about LOANS
Q: Can a loan be used for investment properties?
A: In most cases the purchase of the property must be solely for a vacation home. But, there are loan programs for investors with a substantial down payment and excellent credit.
Q: Are the interest rates higher for Canadian Financing in Arizona?
A: Not at all. The interest rate will be the same as it would be for an identical scenario with a U.S. citizen.
Q: How long does it take to pre-approve a Canadian buyer?
A: The documentation is very similar to what we require of U.S. citizens, just Canadian style. You can expect to provide your tax information (T-1′s, Tax summary, T-4′s, T-2′s if applicable), pay stubs if applicable, bank statements and some information about your employment, properties you own, etc. Other required documentation will be determined once you have spoken to your Canadian Home Loan professional.
Q: If a Foreign National or Canadian buyer owns multiple properties in their own country but does not own any properties in the U.S., can they still be eligible for a loan?
You will need to show a copy of your Canadian passport and/or driver’s license. Some lenders may request only one of these two but be prepared to furnish both if requested.
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