Sean Murphy Mortgage Banker: Home Mortgages for Canadian Citizens in the US | Episode 76

Ask Canada Immigration Lawyer Evelyn Ackah

29-01-2024 • 24 mins

On the Ask Canada Immigration Lawyer Evelyn Ackah podcast, Calgary immigration lawyer Evelyn Ackah talks with Sean Murphy, a mortgage banker with BMO. Sean specializes in home mortgages for Canadian citizens in the US looking to buy in the "lower 48" and use Canadian income to qualify. Sean and Evelyn discuss programs available for Canadian snowbirds and expats in the U.S. to buy property in the United States.

Connect with Sean Murphy on LinkedIn.

Here are the key points from their discussion:

Gateway Program for Canadians:

Sean discusses BMO's Gateway program designed for Canadian citizens purchasing property in the U.S.
The program offers more favourable terms, including lower down payments and interest rates.

Gateway Program for Canadians:

Sean discusses BMO's Gateway program designed for Canadian citizens purchasing property in the U.S.
The program offers more favourable terms, including lower down payments and interest rates.

Assistance for Snowbirds:

The Gateway program is available for primary residences, second homes or investment properties.
Snowbirds interested in buying property in the U.S. can benefit from the program.

Challenges for Canadians Buying in the U.S.:

Sean addresses challenges faced by Canadians, such as higher down payments and interest rates, when considered foreign nationals.
The Gateway program aims to provide better options for Canadian citizens.

Timeline for Mortgage Approval:

Sean mentions that the mortgage approval process typically takes around 60 days.
Documentation conversion from Canadian to U.S. standards is part of the process.

Market Insights:

Sean discusses the recent changes in the interest rate market, with rates coming down from their peak in the previous year.
Advises potential buyers not to wait, as market timing may lead to higher home prices.

BMO's Specialized Loan Programs:

BMO offers specialized loan programs for professionals like physicians and dentists.
These programs provide tailored options for professionals with specific needs.

Support Beyond Mortgages:

Sean emphasizes BMO's support beyond mortgages, including assistance with opening bank accounts and other financial services.
Networking connections with professionals in various fields are available to support clients.

About Evelyn Ackah

Evelyn Ackah is the Founder and Managing Lawyer at Ackah Business Immigration Law. With offices in Calgary, Toronto and Vancouver, we work with individuals and business owners from all over the world who want to cross borders seamlessly. For more information on immigration to Canada or the United States, Ask Evelyn Ackah at Ackah Business Immigration Law today at (587) 854‑3821 or email Evelyn directly at contact@ackahlaw.com.

The Ask Canada Immigration Lawyer Evelyn Ackah podcast by Calgary Immigration Lawyer Evelyn Ackah was named #1 Best Canada Immigration Podcast in 2023 by Feedspot.