Canadians getting a mortgage in Florida...
what you can expect.
As a Candian, buying or refinancing in the United States; you
have certain expectations of service and procedures surrounding
the borrowing transaction. It is important that your RBC 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. Our ability to
advise our clients in this manner provides us 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 RBC Centura 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 appolication, not as of the day it may
have been quoted.
- Time Frames: In Canada, you are accustom 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.
Read these other informative articles:
U.S. Mortgage process to Canada's
for getting a U.S. Mortgage
for Naples Real Estate Now
RUTH BETHEM, ABR, CRS, GRI, Realtor®
Premier Sotheby's International Realty
4001 Tamiami Trail N, Suite #102
Naples, Florida 34103
Phone: 239-777-7007 or Toll Free 877-777-7545
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