So financing options are now available for Canadians who wish to purchase vacation homes in Arizona.
Arizona was a hotbed for Canadian vacationers who at the peak 2005-2007 of the Arizona market were often put off by the high prices and unfavorable exchange rate. Now with a weak dollar plummeted property values Arizona now represents a Canadian dream not only for weather, amenities and now accessible appreciable real estate assets.
However up until now you could only obtain one home and only pay cash!
Today Canadians have the opportunity to leverage their cash and buy not one second home but multiple properties for investment purposes.
So how does our program work?
•1. 5 Year INTEREST ONLY Home Equity Line of Credit at Prime - ¾% with a floor of 4%. ( APR 4.17%)( As of today, The Prime is at 3.25%, so it would have to move above 5% before the 4% would ever change.)
•2. 2% Loan Origination Fee paid to Amerifirst Financial at closing. No other closing costs, title fees or appraisal fees!
•3. No loan fees unless borrower cancels the loan in the first 3 years, then there is a $300 fee.
•4. The loan will not exceed 50% loan to value/cost, whichever is lower MAX LOAN AMOUNT $500,000.
•5. To qualify, borrowers must first call and fill out an application by phone with The Mark Taylor Team at 602-361-0707. Upon application, borrowers must supply THREE YEARS tax returns, all pages.
•6. If borrowers want to extend past the 5 year term, they must re-qualify and then they will have to roll into a 15 Year Amortization 7 Year Balloon at current bank rates. (Today that is 5.75% 6.18% APR)
•7. We request 30 days to close but rushes can be looked at on a case by case basis.
•8. All approvals are done by our investor and are based on the appraisal value and the tax returns.
HERE IS A GREAT EXAMPLE : http://actvra.in/7Qs
NOW HERE ARE THE NUMBERS: $108,000 US for the property example above
MONTHLY PAYMENT: $257 INTEREST ONLY
TAXES, INS AND HOA: $237
TOTAL PAYMENT OF $494 FOR A 4 BED 2 BATH 2100 SQ FT HOME - NOW THAT IS A GREAT OPPORTUNITY!
So why not take advantage of all the economic factors and leverage the Canadian dollar and buy in Arizona! It would almost be crazy not to eh?