During the personal interview concerning your project of buying a property in Florida, we will establish, if needed, the best financing method for your purchase. It is possible that the best option would be to refinance a property you own in Canada to obtain the cash required for your project. If this is the case, we will explain the reasons and provide you with the necessary advice, and will refer you to your Caisse to obtain the financing authorization.
If the best option is to finance the future property in the U.S., Desjardins Bank can provide financing at a favorable interest rate based on your needs and your lifestyle. Desjardins Bank's client base is mostly made up of Canadian citizens.
Financing by Desjardins Bank
This is ideal if you are planning to re-mortgage your current home in Florida, take advantage of its appreciation in value, or borrow to purchase a condominium, a single-family home, a townhouse.
If you are planning to buy a property, your real estate agent may ask for a proof of mortgage loan prequalification.
Prequalification for Desjardins Bank Financing
Prequalification for financing by Desjardins Bank can be obtained from Québec and Ontario. Documents Required:
- Proof of down payment
- Proof of income for the past 2 years
- Notice of assessment, T4, pay stubs
- For self-employed workers and income property owners, income tax returns for the past 2 years
- Latest financial statements if income is earned through a company
- Assessment notice for property already owned
- Statements for investments outside Desjardins
Once approved, a prequalification letter will be issued, valid for a period of 90 days.
To obtain this document, please make an appointment with a member of our personalized accompaniment team.
Steps of the Financing File
This triggers the formal application for mortgage approval by Desjardins Bank. It must be signed by the seller and the buyer at least 30 business days, ideally 60 days, before the closing date.
File Authorization and Disbursement Steps
- A professional appraisal will be performed to determine the financing amount
- For condos, a condo questionnaire will be sent to be completed b the association
Once these steps are finalized
Issue of the Loan Commitment
Once the file is approved and the financing amount is confirmed, a Loan Commitment is sent to you, officializing your acceptance of the financing. A Title Request is then sent to your title agent or attorney in preparation for the closing transaction.
The closing transaction is the date on which the sale transaction for the property and the signing of the financing documents are held. You will have the possibility of signing in Florida, where you can obtain answers to any potential questions you may have from the title agent or attorney responsible for your file. Otherwise the signatures can be done remotely (mail away), and must then be witnessed by a notary in Québec or a title agent in Ontario. These professionals' services are only used to authenticate your signatures and cannot provide answers to questions concerning the documents to be signed.
Title Agent or Attorney
A notary function does not exist in Florida, the closing transaction will be done by title agents or attorneys. They will verify the property titles, calculate any adjustments between the seller and the buyer, and will have an insurance policy issued on the titles.
We can provide you with a list of these suppliers recommended by the Bank.