Here to help with all of your mortgage related questions

dlc87 · #1 12-09-2009, 05:27 PM

Hello Forum,

I represent a Mortgage Brokerage in Southwestern Ontario and am here to answer any questions that you may have regarding mortgages. Whether you are a first time home buyer looking for answers or a present home owner looking for advice, please feel free to ask away!

Rickson9 · #2 12-09-2009, 07:34 PM

If I want to put a mortgage on my U.S. properties, who are some people that I can contact?

dlc87 · #3 12-10-2009, 07:49 PM

Quote:

Originally Posted by Rickson9

If I want to put a mortgage on my U.S. properties, who are some people that I can contact?

Hi Rickson9,

There are ways in which this can be accomplished, however since Canadian banks won't lend on U.S. properties, the required steps are a little unconventional. While the process is a little more complex, it isn't out of the question, since aside from the banks there are many private brokerages who deal with a large amount of lenders. To answer your question, speaking with an experienced mortgage broker outside of your local bank's mortgage representative would be a great first step to set you on the right path.

Rickson9 · #4 12-10-2009, 07:59 PM

Thanks for the reply, it is much appreciated.

Do you think Canadian banks with U.S. subsidiaries would be able to do it? Eg. BMO/Harris?

dlc87 · #5 12-11-2009, 02:47 PM

Quote:

Originally Posted by Rickson9

Thanks for the reply, it is much appreciated.

Do you think Canadian banks with U.S. subsidiaries would be able to do it? Eg. BMO/Harris?

I spoke with a a fellow employee who has experience in this area and has also worked with a larger financial institution and was told that the system for cross border referring with the banks can be quite messy, however it is possible. Your best bet would be to work with a broker who is willing to cross broker a deal with a U.S. based broker to find the best rate. By doing so, the broker would have access to numerous products and institutions compared to the banks single product, which in the end will result in the best rate for you.

If you would like to speak with someone who has a deeper understanding of the processes involved, I would be happy to put them in touch with you.

Rickson9 · #6 12-11-2009, 03:17 PM

Quote:

Originally Posted by dlc87

If you would like to speak with someone who has a deeper understanding of the processes involved, I would be happy to put them in touch with you.

Awesome. I am doing some work in the U.S. right now and will pursue this idea when things settle. I'll keep you posted. Thanks again!

dlc87 · #7 12-11-2009, 04:17 PM

No problem at all, glad I could be of some help