Kyle Mazzuchin, Vice President of Canadian Markets at America Mortgages, provided valuable insights into key issues affecting Canadians considering a move to the U.S. This webinar highlights the crucial aspects of relocating, including the latest trends and policies, taxation changes, and investment insights for Canadians. For those who couldn’t attend, the recording is now accessible here.
During the session, Kyle Mazzuchin (KM) addressed a variety of inquiries, offering informative responses to help Canadians make informed decisions about their potential move south of the border. Remarks have been edited for clarity and brevity.
1. Can I register a property in a Canadian company or American LLC?
KM: You should register an American LLC. You can register an LLC here or through the America Mortgages website under the concierge tab.
2. What’s the best way to get my application started?
KM: You can start your application through the new dashboard launched by America Mortgages, accessible at apply.americamortgages.com.
3. How easy is it to transfer cash into USD Dollars?
KM: You can transfer cash from Canadian to American dollars with relative ease through partnerships and vendors listed on the concierge tab of the America Mortgages website.
4. How do I register an LLC?
KM: You can register an LLC through the America Mortgages website under the concierge tab. It costs less than $150 USD.
5. Can I complete my U.S. purchase without leaving Canada?
KM: Yes, you can complete your U.S. purchase without leaving Canada by using a local notary with an apostille stamp or visiting the local U.S. embassy.
6. I’m a Canadian looking to buy a vacation home in the U.S. – what are the rates?
KM: Rates for Canadians buying a vacation home in the U.S. typically range from high 7% to mid 8%, depending on the state and location. A 25% down payment is normally required.
7. Can I get an insurance quote through America Mortgages?
KM: Yes, you can get an insurance quote through the America Mortgages website under the concierge tab.
8. I am purchasing a foreclosed property; can I get financing for it?
KM: It’s recommended to purchase a foreclosed property with cash and then refinance it later. You can also look at rehabilitation loan products offered by America Mortgages.
9. What’s the maximum loan-to-value (LTV) ratio for foreign investors, and is it income-dependent?
KM: The maximum LTV for investors is 75%. It can vary depending on whether you qualify with your income in Canada or projected rental income.
10. Missed the first half, can we ask for a recording?
KM: A recording of the presentation will be posted on YouTube and social media within the next 10 to 14 days.
11. Which of the states you highlighted are the most popular for Canadians to own?
KM: Popular states for Canadians include New York, Michigan, Ohio, Illinois, Florida, Texas, Arizona, and Nevada.
12. Is there anything like a 1031 for Canadians in the U.S.?
KM: Canadians can delay capital gains taxes in the U.S. using a 1031 exchange by reinvesting in a property of the same or higher value.
13. Are there age restrictions for retirees applying for a mortgage?
KM: There are no age restrictions for retirees applying for a mortgage.
14. How long would it take to get a mortgage approval for investors with America Mortgages?
KM: Mortgage approval for investors typically takes 72 hours for straightforward applications.
15. Does an LLC subject to double tax?
KM: It’s recommended to consult with a tax professional to understand the tax implications of an LLC in your country.
16. Is Remote Online Notary not available? Other companies offer that.
KM: Due to varying state regulations, using the apostille stamp method with a Canadian notary or lawyer is recommended.
17. Is HELOC as liquidity proof okay?
KM: if you do not have tax residency in the U.S., this is not available as liquidity proof.
18. Are interest rates better if you qualify with an income letter instead of DSCR of the property?
KM: Interest rates can be better if you qualify with an income letter and have an established credit in the U.S..
19. I have a property generating a cash flow of $2,500. How much loan can I get against it?
KM: This depends on various factors. It is recommended to speak with a loan officer to determine the loan amount.
20. Is America Mortgages a broker or a lender?
KM: America Mortgages is both a direct lender and a mortgage broker. They have their own loan programs and can underwrite and fund transactions. They also act as brokers for more complex transactions beyond their direct funding capabilities, covering residential to commercial transactions.
