Canada to Arizona Real Estate info
Financing info
Many people feel that the whole process of obtaining a loan in the US is easier than in Canada. Here are some key differences.
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U S |
CANADA |
How closings are facilitated |
Title companies and escrow agents |
Attorneys |
Amortization |
Typically 30 years |
Typically 25 years |
Interest |
compound simple interest annually |
semi- annually |
How to avoid mortgage insurance |
put down 20% |
put down 25% |
Additional aspects include:
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The possibility to fix interest rates up to 30 years versus in 10 in Canada.
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Ability to prepay the loan without penalty
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Customizing the loan terms by paying "points"
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Ability to use an impound account for payment of taxes and insurance monthly with the loan
The above are some basics. For more info on the types of loan available and the necessary documentation please click 'next' below.
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Please note that each individual's personal circumstances vary, and your professional advisor (tax,financial, legal, etc) will be able to provide specific advice based on your personal circumstances.