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. We've met a local mortgage banker that has graciously passed on some valueable information on investing in Florida for Canadian buyers. His name is Jack Sandelman with the RBC Centura Bank. Jack can be reached at 941-951-4406 or email him at Jack.sandelman@rbc.com. Here is some of his information or you can download his presentation.

If from Canada, what you can expect when buying property here in Naples...
a side by side comparsion.

When in Canada 5-10 Days Total to Close Rate Locked at time of First Quote Closing Costs 0 - 1% of Purchase Price Land Transfer Taxes: (CSD) Up to $55,000 = .50% $55,000 to $250,000 = 1.0% $250,000 to $400,000 = 1.5% Pre-Payment Penalty during CLOSED period. No Options for fixed rates on 15 or 30 year term & amortization. Variable Rate Mortgages (A.R.M.'s) may be converted to fixed rate. 'Simple' Documentation Submission Requirements. No Provincial taxes nor fees Mortgages Are: Switchable Assumable Portable Add-ons

When in Florida 3 - 5 Weeks Total to Close Rate Locked at disretion of Borrower after contract/loan application is signed. Closing Costs 2 - 3% of Purchase Price. Documents Stamps (County) Intangibles Taxes (State) No Pre-Payment Penalty ever on RBC Centura products. 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 mortagage interest paid by Canadians on Florida property.* Mortgages Are Not: Switchable Assumable Portble Add-ons are permitted

Read these other informative articles
for Canadian buyers:

1. Process For Getting A U.S. Mortgage.

2. Canadians getting a mortgage in Florida...what to expect.

or search for Naples Real Estate Now

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For more mortgage information, please contact:

Jack Sandelman, Residential Loan Office
RBC Centura Bank r
1549 Ringling Boulevard
Sarasota, Florida 34236
941-951-4406
jack.sandelman@rbc.com

Tell Jack that Ruth Bethem sent you. Thanks.