Easy Come, Easy Go

avatarthumbnail.jpgOn Thursday, I wrote that financing for Canadian buyers had all but disappeared.

On Friday, I was poined to another local lender and also learned that Harris Bank, Royal Bank of Canada and Washington Federal still offered loans to Canadians wanting to finance their purchase here in the states.

As of this morning, scratch off the local lender and the bank they had been working through – Washington Federal.

And…

It changed.

We no longer have any options for Canadian financing.

And so it goes with the mortgage business — things change without warning and what was true yesterday, isn’t true now.

The lesson here is there are many variables in play when making a purchase across national borders – currency risk and mortgage risk among them.

If you’re debating whether and when to purchase and need to get financing, what I can tell you is there are loans still available now. Whether that will be the case in a month or six months, I can’t say.

After all, last Wednesday there were more than a couple of options available for Canadian buyers.

[tags]Phoenix real estate, Canadian buyers[/tags]

Jonathan Dalton

Jonathan Dalton is a 40-plus-year resident of the Valley and has been helping folks buy and sell homes since 2004. He can be reached at 602-502-9693 or info at allphoenixrealestate.com.

1 Comment

  • AMJ 8 years ago

    You are right. The tight credit market presents a real challenge for Canadian investors who want to invest wisely in what many are calling ‘the bottom’.

    Investment firms can help alleviate cross boarder transaction hassles such as securing financing. CBI Group’s Arizona Acquisition Fund is acquiring up to 175 homes in the Phoenix, AZ. They are raising 12.5 million from investors to purchase the homes. When the firm sells the homes investors share in 60% of the profits. It is an interesting opportunity that certainly decreases the investment threshold and eliminates much of legwork for the investor.

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