Is Your US Home a Piggy Bank
August 19, 2019 | Posted by: Roar Solutions
There's a silver lining to the low loonie if you happen to own a home south of the border. For those who purchased several years ago your homes are now as good as a piggy bank.
Why? If you refinance your U.S. home, you can bring those U.S. Dollars back to Canada at current exchange rates. That powerful U.S. dollar is your financial friend. You could use the money to pay off debt or purchase say a revenue property in Canada. By the way selling your U.S. home triggers capital gains tax - refinancing does not. Any income you generate by exchanging your dollars does not count as a capital gain so no tax implications to refinance and you get to keep your U.S. property.
U.S. properties have rebounded from their low's so many owners are taking advantage of thier growth in equity.
My Lender contacts in both California and Florida will lend up to 65% of the value of a home being financed either on a owner occupied property or revenue property. Better still there is no income verification or credit scoring process.. Just present your Canadian Passport.
If this looks like a Program fit for you call me at (403 650-5509)