Mortgage Options Dwindle for Canadians Buying in the U.S.
We’re hearing reports that Wachovia is closing it’s wholesale mortgage division. This division was the biggest lender to Canadians buying residential property in the U.S.
Sources say this will make it significantly more difficult for Canadians to get good financing terms on U.S. properties. It will likely necessitate greater use of local lenders–which have notoriously tougher lending guidelines for foreign nationals.
Wachovia is the fourth largest lender in the U.S.
We’ll update this story as we get more details.
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