Canadians Buying Real Estate in United states being a nonresident.

So what do you need to know about buying real estate as a nonresident of United States.

If you are Canadian applying for a mortgage in United States, American lenders won’t be able to approve you based on your Canadian credit score. You will be applying as an international buyer. International loans are private portfolio loans and that means that the rates and the closing fees will be a little higher than government rates.

Your best choice might be to talk to a bank that has branches in both Canada and US.

RBC, BMO harris and TD banks offer loan programs for Canadians who want to buy a property in unites states. The good thing about abut working with Canadian bank is that they will get you approved based on your local credit history and maybe even offer you a better rate.

Another thing you also need to consider is that you will need to make from 20% to 30 % down payment and transfer a large amount of money from Canada to United States.

When choosing a bank you want to make sure that you don’t lose much on foreign currency exchange and you also want to check if there is any transfer fee involved.

Some banks may offer you a better option and if you open premium checking account with them, you may be able to transfer the funds for free and you can also safe on currency exchange.

So before buying you want to shop for a better rate and choose a bank that allows you to save on foreign currency exchange and transferring the funds fees.