How Vancouver Residents Get a Mortgage in the U.S.A.

Canadian investors, seeking American mortgages, may be in for a shock when "shopping".  The American mortgage banking and brokerage system is different than the Canadian banking system.  In Canada, there are 5-7 major banks or lenders and a variety of mortgage brokers.  Both lenders and mortgage brokers, in Canada, are heavily regulated.  Loan programs, in Canada, are fewer than the loan programs offered in the States.  The American mortgage industry relies heavily on the seciritization of mortgage loans.  As such, there are big banks and small mortgage brokers who may very well offer identical loan programs. 

Should Canadian investors then deal only with large American banks?  Ask Canadian investors, with properties in escrow, this past week.  Two major American banks cancelled their loan programs, on April 1, 2008, for Canadian citizens buying properties in Arizona, California, Florida, and Nevada.  I have fielded 5-7 calls each day, since Friday, from frustrated Canadians. 

Consider this question, posed by a Canadian borrower (about a Canadian mortgage):

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A compendium of articles about how Canadian investors need mortgages from U.S. Banks: 

Black Pearl Marketing Minute: How did Brian Brady get to be Canada’s Favorite American Mortgage Broker?

Why Are Western Canadians Buying Arizona Real Estate?

Canadian Investors Need Mortgages For Arizona Properties

How Canadians Shop For American Mortgages

Canadians Finding That American Mortgage Money Is Scarce

American Mortgages For Canadian Residents: Documentation

Canadian Investors Need American Mortgages

Will Bias Against Canadians Extend to the American Real Estate Market?

Canadians Buy American Real Estate

Canadian Investors, American Real Estate: The Currency Play