FREE airfare from Canada to Florida…
Purchase a home or condominium and get a FREE trip on us at closing! Please call us for details, restrictions apply and limited time offer for 2012 season ending April 30th 2012.
Take advantage of the STRONG Canadian dollar exchange!
Wall St Journal: Real Estate Report
The National Association of Realtors (NAR), says about 27,000 Canadians bought vacation homes in the U.S. last year, and that it looks like the Canadian influx is slated to continue through 2010 and into 2011.
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With the appreciating dollar, more and more Canadian home seekers look south to get more value for their dollar.
The NAR found that Canadian buyers led all foreign clients in 2009, approximately 154,000, beating home seekers from the U.K., Mexico, and India.
"I anticipate an even greater number of Canadians will be purchasing U.S. real estate now," said Yun.
Many Canadians, spooked by the volatility of the stock market, are looking to invest their money into property, according to Glen Bigness of Premiere Plus Realty in Naples, Florida’s appeal to its proximity to Eastern Canada, easy access to the ocean from anywhere in the state, low maintenance fees and inexpensive taxes. Also at play: the nostalgia factor.
"So many of our clients have been here as kids," said Bigness. "They went to Disneyland with their parents, or spent the odd Christmas with their grandparents down there. You’re going for the temperature, but you are also rekindling some of your childhood memories."
Most Canadian buyers, about 22,000, used cash for their U.S. property purchase in 2009.
Canadian Buyers of Florida Real Estate
Canadian investor information for buying homes or condos in Florida
Investors from Canada are coming to Naples, Florida and buying homes and condos in this buyers market.
If from Canada, what you can expect when buying property here in South West Florida…
When Purchasing in Florida:
3 – 5 Weeks Total to Close
Rate Locked at discretion of Borrower after contract/loan application is signed.
Closing Costs 2 – 3% of Purchase Price.
Documents Stamps (County)
Intangibles Taxes (State)
Options available for fixed rates on 15 or 30 year term & amortization.
A.R.M.’s (V.R.M.) cannot be converted into fixed rate.
More Expansive Documentation Submission Requirements.
No tax deduction(s) for mortgage interest paid by Canadians on Florida property.*
Mortgages Are Not:
Add-ons are permitted
Process for a U.S. Mortgagege…Buying a home in Naples
If you’re planning to buy a home in the U.S., understanding the process helps to make it a smooth process. The more you know about it, the easier it will be.
Step 1 – Applying for a Mortgage Loan
The process can begin via phone or in person with a mortgage loan officer that provides the information needed to make informed, smart decisions. Your mortgage loan officer will discuss your financing needs; present product options and explain how different options affect your payments, interest rates, and principal reductions. Also, your loan officer is a local specialist and is familiar with other local specialists. Come to us first for Realtor referrals, title agents or Real Estate Attorneys and Insurance firms.
After product selection and application, you will be provided with a Good Faith Estimate and other early disclosures that review the costs associated with getting the loan and the loan structure. They will review the mortgage loan approval process and how that might be different from what you are accustomed. Your mortgage loan officer will give you an indication of whether or not you have preliminary approval for the product chosen. You will need to provide information to verify your income, assets, debt and residence history.
Step 2 – Processing
After your completed mortgage application is received, an international credit report is obtained to verify your credit rating. You will also be asked for additional documentation. A 3rd party appraisal and title work will be ordered to verify the value of the property and to verify current lien holders on the property. Then, your mortgage loan officer will lock in your interest rate on the mortgage product you chose. This process usually takes 5-10 days.
Step 3 – Underwriting
Your loan will be submitted to the underwriting department for approval. Once your loan is approved to close, you will be notified and closing documents will be prepared and sent to the location where the closing will be held.
Step 4 – Closing
In the U.S., it is customary for the borrower to attend the closing; however closings may be negotiated by mail or by Power of Attorney (POA). The POA must be approved before closing. The paperwork presented at closing is extensive and legally requires the signature of borrowers. If you’re unable to attend the closing, your mortgage loan officer must be notified in advance, as well as your attorney, so they can set up a process for the loan to close without you there. Please understand that closings not conducted in person by the borrower may take additional time to complete. In addition, some state laws require the lender to have completed documentation prior to funding.
Canadians getting a mortgage in Florida…
As a Canadian, buying or refinancing in the United States; you have certain expectations of service and procedures surrounding the borrowing transaction. It is important that your Florida Mortgage Professional assist you in understanding the difference of this process here in the United States. We find that if you review these topics, they will assist you in having a positive client experience and you will also understand that in the United States, mortgage Professionals are trusted advisors. Their ability to advise clients in this manner provides a better opportunity to gather greater pricing power on their behalf.
The initial call should not be viewed as a ‘rate quote’ dialogue. In the U.S. it is a consultative session whereby your Florida Mortgage Professional can explain what you should expect and can identify the material differences between U.S. & Canadian loan transactions as well as the different loan products available.
Pricing of Mortgage Rates is also very different in the U.S. For example, in Canada, it is normal to ‘haggle’ by a percent or so over the rate that is posted by a lender. In the U.S., where the market controls all, the rate that is presented to you is the best possible rate for that day with the most appropriate product available. In the U.S., we adhere to the ‘Best Execution Pricing Model’ to guide our pricing structure, thus, no haggling is necessary! Rates are only locked upon formal application, not as of the day it may have been quoted.
Time Frames: In Canada, you are accustomed to 5 to 7 business days as the norm. In the U.S. a 3 to 5 week process is necessary. The process for borrowing in the U.S. is different than in Canada: from time of application and documents collection, to processing the file and then underwriting the file; thence to documents preparation and clearing the file for closing. You should be prepared for a different time frame when purchasing in the United States.
Costs of a Mortgage or Home purchase are considerably different in the U.S. as opposed to Canada. A decentralized structure of service providers has been customary here in the U.S. For example, the appraisers are not bank employees; they are independent contractors which aids their objectivity and independence in valuation. Other examples include Realtors, Closing Agents (a.k.a. Title Attorney or Agent) and Property Inspectors. All of whom bring distinctly different professional skills into the transaction on your behalf.
Local Lenders experienced with Foreign National Buyers of Florida Real Estate:
Canadian Buyers can locate ALL homes and condominiums here!
Allow us to assist you in the purchase of YOUR Florida property…
Condominiums, waterfront property, gated communities, golf and country club properties and new construction specials are available at great savings and we can help locate them for you today!
Glen Bigness PA 239-272-4663
Having lived in Upstate New York I spent plenty of time through out Ontario traveling, camping and for various horse shows. I spent time in some wonder places such as Toronto, Kingston, Windsor, Niagara Falls, Montreal, and Quebec to mention but a few and have always felt at home there.I spent time in Quebec traveling to old historic cities, winter carnivals and visiting family and friends. At that time with open boarders we could simply drive across the International Bridge at Niagara Falls or Alexandria Bay and have a nice day or weekend trip with our neighbors to the North- it was an exciting experience as a kid being able to travel to another country and be home that same day…lol
Bigness Realty Group Fine Homes & Estates of SW Florida