How do Canadians finance their remote properties in USA?

[Lubica J.]

Hi everyone,

I am considering buying a property in USA remotely, while still living and working in Canada.

Couple of US lenders I talked to seem to be unable to offer me a mortgage because I don’t have American SSN (Social Security Number).

I wonder how other Canadians obtain financing without SSN and American credit score?

Do you only use hard money lenders or buy cash – or is there a way to obtain a regular U.S. mortgage?

There seem to be a mortgage with RBC bank, but their APR is from 6.472% to 7.188% which is very high.

I assume their penalties and pre-payment privilages will be similarly unfavourable – but I still need to set up an appoitment to figure their product out.

Can anyone advice me how did you go about getting your mortgage in USA with the local US lender while living in Canada?

Thank you in advance.