Canadian loans in the US?
Friday, June 12, 2009
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Here is a gent that has the answers! Please remember to call me when we are ready to shop for homes!
My name is David Pineda and I am currently a Loan Officer with US Bank.
US Bank is one of the few if not only mortgage companies/banks that is doing loans for non-US Citizens. The loans we offer are for those consumers who are looking to buy a 2nd home in the United States.
With the effects of inflation and steep declines in home prices here in the US, foreigner’s especially Canadian citizens are buying up homes across the US at a record pace. Due to the lack of credit available most buyers are having to pay cash.
The good news is that we have a portfolio loan at US Bank that can get you into that 2nd home with as little as 25% down. The products we are offer are a 3, 5 and 7 year arm.
For those who are unaware of what an ARM is I will explain. ARM stands for adjustable rate mortgage. The loan has a 30 year term and on a 3 year arm the rate will stay fixed for the first 36 months and then the loan moves into a 27 year term where the rate can adjust with the market.
There is a cap on the rate of 6% above the initial fixed rate. The trick to the ARM loans is to refinance out of them before the arm adjustment period begins although with the current rate environment, the rates are still staying very low even during the adjustment years.
The 5 and 7 year arms are same except the term the rate is fixed is either 5 or 7 years respectively. As you would expect the longer you decide to lock your rate (3,5 or7) the higher the rate.
These loans are great way to buy a home at a great price without having to liquidate your savings account.
David Pineda
602-703-8123
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