Most of the cost involved in purchasing a property will be fees that you pay to the lender. This is primarily done through a title company. In Arizona, the title company handles the transaction, so there isn’t the cost of an attorney. You will also need to pay for a home inspection, termite inspection, an appraisal, the escrow (title) fee, title insurance, recording fee, property taxes and homeowners insurance. A good rule of thumb is to figure your closing costs will be approximately 2.5% on the purchase price of the home. This cost will be less if you are paying cash for a property. Arizona does not have a real estate transfer fee. The seller pays the commission for the real estate agent.

US Financial Institutions do offer Canadians Mortgages

The large and stable lenders in the US are more than happy to provide mortgages for Canadians.  

From 4.25 percent interest

30 Year Fixed Rates

No Pre-pay penalties

 
Q.  What is the minimum down payment required to get a mortgage? The minimum down payment as of October 2009 is 25 percent. One financial institution was offering 20 percent down but they discontinued that program recently. As a general rule it is normally between 20 and 30 percent. Plan for 30, just to be on the safe side.

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Q. Can I put down additional money above the amount of my mortgage payment? As much as you like. The amount will be applied to the principal. 

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Q. Should I set-up bi-weekly payments? Many Canadians ask about setting up bi-weekly payments as this is an effective strategy in Canada. With a US mortgage the advantage is not the same and in fact it may not be in your best interest. The banks will accommodate your request but there are often hidden costs and fees involved. I discourage bi-weekly payments on a US mortgage because the same thing can be accomplished by making an extra payment on your mortgage at your convenience. ******************************************************************************************************************************************************************************** 

Q. Can I pay cash for a home? Yes. In fact it makes the transaction easier.

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 Q. What Cost are Involved in Purchasing a Property in Arizona? Most of the cost involved in purchasing a property will be fees that you pay to the lender. This is primarily done through a title company. In Arizona, the title company handles the transaction, so there isn’t the cost of an attorney. You will also need to pay for a home inspection, termite inspection, an appraisal, the escrow (title) fee, title insurance, recording fee, property taxes and homeowners insurance. A good rule of thumb is to figure your closing costs will be approximately 2.5% on the purchase price of the home. This cost will be less if you are paying cash for a property. Arizona does not have a real estate transfer fee. The seller pays the commission for the real estate agent.

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Q. Is the process of buying a home in Arizona very different than purchasing in Canada? The process is similar to buying in Canada with a couple of exceptions. A major one is that the closing agents are Title Companies as opposed to attorneys. Instead of the transaction and property title being insured by the attorney it is insured by the Title Company, which is governed by the Arizona State Banking Board.