Is Financing Available for Canadians?
A. Yes, there are several banks that will lend to Canadians wanting to purchase a vacation home in Arizona. It is done all of the time. We work closely with several banks and can refer you to a mortgage professional. Generally, a 20-30% down payment is required and the interest rate is 6.5-7.5%. Many of our Canadian clients choose to finance in Canada and purchase their home in Arizona with cash. By financing in Canada, you protect yourself from currency fluctuations. You have locked in the exchange rate and your monthly payment. As the exchange rate changes your monthly payment does not change. If you took a US mortgage and was paying back your US mortgage with Canadian dollars, the monthly payment would effectively go up every month that the Canadian dollar went down. We can refer you to mortgage professionals in both Calgary and Edmonton. Please feel free to contact us for referrals. We would be pleased to discuss all options with you.
