I recently moved to the US from Canada and have yet to establish my credit rating. I have a well paying job and would like to purchase a condo. My credit score would be sufficient in Canada.
To complicate the situation, I have a sum of money invested in Canada that I want to use as a down deposit, e.g., in excess of 40k. How can I legally "launder" that money across the border, avoiding all taxes and fees. Also where can I get a wholesale exchange rate?
In the likelihood that the deposit is not enough, actually it definitely isn’t, is there a way to have my parents co-sign the mortgage. My father is a Canadian citizen and my mother left the US in her mid-20s (now 50+). Is there a Canadian bank with operations in the US, or vice versa, that could be of help? Can a US bank take collateral from another country? I have a great relationship with my parents and they have offered to help in anyway possible.
Thanks!
Banks are able to wire funds to & from each other. All that is needed is the bank’s routing number and your account number.
August 29th, 2010 at 10:16 pm
Banks are able to wire funds to & from each other. All that is needed is the bank’s routing number and your account number.
References :
August 29th, 2010 at 10:22 pm
Go see a bank in the area where you are, and tell them this. Banks have ways of moving money around without difficulty. If you have a good job and are paying $40K as a down payment, you should not have too much problem with a mortgage.
There are several banks that do business in both the US and Canada. I don’t know where you are in the US, so I can’t recommend one, but the bankers know.
Regards,
Dan
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