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April 07, 2014

Home > Blog > Rent to Own Homes In Vegas: Good Deal or Scam?

So you’re from Canada, eh? And to get out of the bitter cold winters, you want to buy real estate in Las Vegas.

We all know how hard it is for Canadians to obtain a mortgage in the US nowadays. Las Vegas mortgage lenders restrict property purchases by foreign nationals to one vacation/second home with a down payment of 35% or more, and the buyer can’t own any other property in the States. (Of course that means no investment properties at all.)

One way around the US mortgage restrictions is to refinance property you already own in Canada and pay cash for your purchase here in Las Vegas. Below is a letter explaining the process from Canadian mortgage broker Rob Smith who specializes in Canadian refinances:

“As a result of recent economic events world wide a lot of lenders are making it more difficult for Canadians to obtain financing to purchase a property in the country they want to retire to.

Why not refinance your current home in Canada and pay cash for your property in the sun? It only usually takes about 2 to 3 weeks to advance the mortgage proceeds and you can refinance up to 80% of the current value of your Canadian property (less the amount of any existing financing which is currently in place).

By doing this, you would still only have one mortgage payment to a Canadian mortgage lender payable in Canadian funds. The whole transaction can be completed via email and/or fax so it is easily done in the comfort of home. We can get a formal approval before you make your house hunting trip so that the funds are ready to go when you find a dream home. It usually helps to have a letter stating you have financing in place when making an offer and could help your offer be accepted over others that you might be competing with. If we have the mortgage application and all the documentation it only takes a couple days to get formal mortgage approval."

Documentation required:

Employed By A Company: - Letter stating date started, position & income.
Copy of a recent pay slip.
Copy of last year’s Personal Notice of Assessment (the blue form you get back from Revenue Canada after you send your taxes in – just the one page with total income on it.
Self-Employed: – 2 years personal notice of assessment
A copy of your most recent mortgage statement (if applicable)
A copy of your most recent property tax assessment
Lawyer Information (address, phone, fax)

Below is an example Rob gives of refinance options and payments. (In the example, payments are based on the example rates and terms indicated and can change without notice.)

EXAMPLE: Refinancing Your Canadian Home	$100,000

Secured Credit Line	$100 K
Int. Only @ Prime	$250.00
PCL over 25 yrs/mo.	$474.21

$100k – 25 Yr Amort	Mo. Pmt.
5 Year at 2.99%	$472.73
10 Year at 3.79 %	$514.70

For more information on the possibility of buying your winter home in sunny Las Vegas, please call us at 702-985-7654 and we will get you in touch with Rob right away! We can also set you up to receive immediate listings on homes and condos for sale in Las Vegas to get you familiar with the general market.

Mastura Roberts
(702) 919-5400
offers@greatlasvegashomes.com

Team Leader, The Tonnesen Team
Berkshire Hathaway HomeServices, Nevada
3185 St Rose Pkwy #100 Henderson, NV 89052

With over 30 years of experience helping families call Las Vegas "home!"