Many clients ask us if they get a mortgage in the US, how will it be different than the mortgage they have back home? The biggest difference is obviously that it will be in US dollars. If you earn Canadian dollars and you are paying back your mortgage in US dollars, your mortgage payment will fluctuate as the currency fluctuates. This could be an advantage or disadvantage. Some of our more optimistic clients who think the Canadian dollar is going back up, but want to buy now, are buying with a US mortgage. As the Canadian dollar goes up, their US mortgage payment effectively goes down.
Another difference with US and Canada mortgages is the amortization. In Canada a mortgage is typically amortized over 25 years, in the US it is 30 years. In the US you can also lock in your interest rate for all 30 years, while in Canada a 10 year fixed rate is more common.
We would be happy to refer you to several local lenders with special programs for Canadians purchasing real estate in the US or look at our Financing page on www.ThePhoenixExperts.com We are dedicated to serving Canadians interested in Phoenix and Scottsdale real estate.
Marc Brodeur
The Phoenix Experts
www.ThePhoenixExperts.com
1-800-300-0263
