Canadian Snowbird Financing for Florida Property Purchases
Canadians Purchasing Property in Florida
Owning a property in Florida is more achievable than many Canadians realize. Whether you are looking for a winter home, vacation property, or investment, there are financing options available specifically for Canadian and other foreign national buyers.
With the right guidance, purchasing U.S. real estate can be a straightforward process. SFC helps Canadians understand their financing options, cross-border considerations, and the steps involved from application through closing.
What’s the First Step?
Start with a brief consultation with one of our mortgage professionals. We will discuss your goals, review your financial situation, and explain the financing options that may be available to you.
Once we have identified suitable options, we can guide you through the application process and the documentation required. With offices and support available in both Canada and Florida, SFC can assist you throughout the process.
We Have Multiple Options — Here Are Three of the Most Popular
Option 1 – Refinance Your Canadian Property
You may be able to refinance your Canadian home and use the available equity toward the purchase of your U.S. property. Depending on your circumstances, this can provide a simple way to access funds in Canada and reduce the amount of financing required in the United States.
Option 2 – Combine Canadian Equity with U.S. Financing
Another option is to use a combination of Canadian and U.S. funds. We can help you access available equity from your Canadian property and, if additional financing is required, assist with arranging a mortgage on the U.S. property through an appropriate lending option.
This approach can allow you to reduce the size of your U.S. mortgage while still preserving some of your Canadian assets.
Option 3 – Reverse Mortgage
For Canadian homeowners age 55 or older, a reverse mortgage may provide another way to access home equity.
Depending on the lender, your age, property value, and other factors, you may be able to access a portion of your home’s equity without making regular mortgage payments. The funds can then be used toward the purchase of a U.S. property or for other eligible purposes.
Reverse mortgage proceeds are generally not considered taxable income; however, interest accrues over time and the loan must eventually be repaid, typically when the home is sold, the borrower moves out permanently, or other repayment conditions are triggered.
The right option depends on your available equity, income, age, borrowing goals, and how you plan to use the U.S. property.
Call to discuss your situation, you will be very surprised on how close you are to the lifestyle of your dreams. 1.877.754.2004
If you are a Canadian purchasing in Florida and want to apply now? Click here to complete an online application