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Ask Shop Rate: Lee, MI

Posted by  on Apr 16, 2009
 
Looking to purchase a vacation home in Canada. I live in Michigan and I am a US Citizen. Is this possible and what can I expect? Yes, US Citizens can get a Canadian mortgage. One difference is typically Canadian lenders will only lend up to 65% of the appraised value of the property. The process is very similar to a mortgage in the United States, income verification, front end and back end ratios, credit scores, etc. Canadian mortgage are often of a shorter term, usually a maximum of 25 years.


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