Get free access to our world class MLS search tools, save your favorite listings, create saved searches & much more!

Canadians: Use Your Home Equity to Buy a Vacation Home in Vegas!

Posted by Julie Wright on Monday, April 7th, 2014 at 4:17pm.

shoveling snow in CanadaSo 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. 

Floating in pool in Las VegasWhy 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!"



Related Blog Posts

Average U.S. home has gained $55k in value since housing bust

But some markets have yet to fully recover from the crisis The U.S. housing market has gained back all $9 trillion in value lost during the 2007 recession, according to a recent Zillow report. Furthermore, the average U.S. home is now worth $55,200 more than it was at the bottom of the housing bust. Zillow...

December: The Black Friday of Real Estate

Savvy buyers know: the month of the December is THE very best time of the year to pick up deals on real estate in Las Vegas! Most markets across the United States have a much longer "slow" season for real estate purchases. In the southern sunbelt, which is traditionally snowbird country, the summer months are the best...

Median US home value at decade high but no bubble says Zillow

The median value of US homes has increased to $198,000 according to data from Zillow.The increase in April is 1% above the peak of 2007 ($196,600) and the year-over-year rise was 7.3% as tight inventory saw increased competition in many markets.However, comparing current conditions to a decade ago, Zillow’s chief...

Take a Virtual Tour of 3481 South Oakleaf Street

This beautiful home is located in Pahrump...  a short drive from Las Vegas.  "Spectacular Mountain View" Corner 1.11 Acre lot with an extraordinary Mt. Charleston view. The corner lot is fenced and has 3 gates.  Take a virtual tour of this beautiful property.   Learn More About This...

Credit Utilization

Credit: www.mycreditguy.com "When I see credit reports with lower scores, there is almost always one factor in common, high credit card utilization. Check out this quick video that will talk about how the credit scoring algorithm factors in your "balance to limit ratio" and how you can actually use this to your adva...

Leave a Comment

Have a Question?

Contact Us

Follow Us