Each of us at some point in our lives dreamed of living the American dream. We wanted to travel to some of the most beautiful cities or countries in this region, to find a job that will be a source of finances with which we can prosper, as well as to find a place where we can spend the most beautiful period of our lives. Many have succeeded in realizing this dream, but some people are in constant search of realizing it.
The USA is a country that offers many benefits and opportunities for citizens around the world, as well as for the younger generation, it is the door to success for many young people and enthusiasts who want to succeed in life. But many young people are afraid of failure and are not confident enough in themselves and their qualities.
So today we are going to show you through a simple example that you too can live the American dream if you want. Countless young people work in the United States but do not have permanent residence there. These young people have a work visa that allows them to work and live in the area for some time.
Such jobs can be a huge cost for young people, and on the other hand, they are offered the opportunity to earn a large amount of money. The costs are due to obtaining a work visa, travel expenses, the cost of occasional accommodation they have, and so on.
But let’s say you are a Canadian citizen who works and occasionally resides in some of the countries in this area. Is there a possibility for you to buy a house or an apartment that will be your permanent residence? The answer to this question is yes you can because Canadian citizens have the opportunity for a mortgage loan that will allow them to get to their dream home.
What is a mortgage?
The definition of this term would be a little more complicated if we use professional terms to explain it to you. So, we will try to explain it to you in a different way. Let’s say you are looking for a house or apartment in a US city, but you do not have enough funds to buy that building.
However, you have the option of owning a home with a mortgage. You will find a bank, financial entity, or lender who will give you the money you need to buy the property, and you will pay the lender a monthly amount to repay the money owed on the mortgage. All those who are not able to buy a house with cash or do not have enough funds at the moment to buy a place to live, turn to this alternative.
There are several ways you can own a property in the US if you are a Canadian citizen, and these are the following
If you have enough cash
If you have money in the form of savings, or inheritance and want to invest in something valuable, then buying property in the US is one of the smart decisions you can make. This is a great opportunity for you to invest in something useful, and there are no restrictions or additional costs to worry about. If you have the required amount of cash, this can open a lot of doors for you in the real estate market and quickly and easily get to your dream home.
If you own real estate in Canada
If you are a property owner in Canada, you can easily get the cash you need to buy a US property. You can pledge this property as a guarantee in Canadian banks, and they will give you money in exchange for the property in the form of a loan to be repaid. With such loans, the monthly installments are quite low, which makes them favorable to use.
Mortgage
If you do not have enough cash to buy a property in a US location or you do not have any property in Canada that you can pledge to get a loan, then a third option is a mortgage. You have already received a definition of this term, but we must mention that in the long run, this type of financing for the desired home is quite favorable.
To get this type of financing the bank or financial entities must first have some proof of your creditworthiness, ie whether you are the right person for the mortgage loan. The lender will need proof of your monthly income over a period of time, whether it is continuous and how much is your income to further decide whether your mortgage will be approved.
You should also know that if you decide to take out a mortgage, in order to have additional benefits, you can pay a down payment. Down payment is a type of advance payment of 20% of the value of the property. When you make this type of payment, you further have several benefits such as significantly lower monthly payment installments as well as reduced mortgage insurance costs.
If you want to see the monthly mortgage installments offered by banks, we suggest you do it on myperch.io. For any information about mortgages, how to get them, monthly installments, and what conditions you need to use them, we suggest you visit the website or go to the nearest branch of the bank that has offices in Canada and in the US.
I hope that through this article you have come to the necessary answer that you were looking for. The next thing you need to do is to immediately initiate the procedure that will lead you to the realization of the ultimate American dream. One thing is for sure, as a Canadian citizen you have every right to get a mortgage to own your dream home.
So immediately go to the link above and see what steps separate you from realizing this dream of yours. I wish you luck on this journey of yours, and I sincerely wish you a positive response and a quick move to your new home in the US.
Rhydian Choi