One of the first questions I field when speaking to Canadians about Financing is regarding the necessary documentation required to obtain financing. With the current financial crisis we are facing in the US, I would qualify this as a “Pertinent Question”…
In most circumstances the documentation is less then what US Citizens are now expected to provide. Cheers for our friends North of the border.
The most important information my Underwriters are looking at when making a lending decision:
1. 2 Years Income/Balance Sheets- We want to verify steady income over the last 2 years as it is the best indicator of future financial stability. The underwriters are looking for consistency in both income and job history.
2. Bank Statements- The requirements for a Canadian Citizen is to put between 25-30% down on the purchase of a property. Where is this money coming from? We require one month of Bank Statements to verify liquid Assets to be used for the down payment.
3. Payment History- The applicant must have a minimum of two meaningful past or existing liens/lines, such as bank loans, mortgages, automobile loans, or credit cards, and proof that each has been paid as agreed. This information is obtained via a Canadian Credit report, which we obtain for you.
That’s basically it! I hope this gives you better insight into the great opportunity available to you here in Arizona regarding Canadian Financing.
Did I mention the winter weather down here……..