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With comparatively lower real estate prices in the US and stronger position of Canadian Dollar, Canadians can easily acquire a property in the US. Despite similarities in culture and proximity, the operations in the real estate market of the US are different from Canada. But with various side-expenses like insurance and taxes, Canadian homebuyers may be stumbled upon the difficulties to own real estate in the United States. Challenges to own a property in US for Canadians Texas, California, Florida and Arizona are typical regions to own a property for Canadians. As real estate market in the US is booming with lots of investment opportunities, all Canadians are not interested in vacation homes. Basically, any foreigner can own a property in any regions of the US, but it may not so easy for Canadians. Finance may be the limiting factor for them. As American lenders depend mostly upon American credit, it may be difficult to get mortgage from them for Canadians. Rather than credits, Canadian banks do have qualms to lend mortgage. Hence, many Canadians are forced to buy home in the US with cash due to this inability. Obtaining Mortgage from US Lender Got an American Lender to obtain mortgage? This is good news for a Canadian! But be prepared to pay extra money and time because it is a lot easier to get mortgage from your home country rather than the US. Why these differences? Actually, some financial documentation requirements and regulations from the US Government impose the borrower to bear extra. When only few days are required to pass a mortgage application in your home country, about one or two months are spent only for this procedure. Also, the process of mortgage application is expensive in America. It may be around 2% of the total mortgage amount. Extra Costs you need to Consider Health Insurance: If you go abroad, it is essential to cover yourself by local health plan or own travel insurance. If you don’t have travel insurance, then you may have to incur medical evaluation of about $50000 and hospitalization of about $250000. So it is good to cover your whole family with just $150 of travel insurance. Home Insurance: If you own Ajax condos, the cost is a lot cheaper than owning a home in the US. When it comes to home insurance, Americans are paying around $890 every year for insuring their full home, while Canadians just pay around $840 for the same coverage. So it is easier to own houses for sale in Ajax than the US. Visit markten-pow.ca to know more about Ajax condos and houses for sale in Ajax.
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