While U.S. mortgage lenders are heading south of the border to finance real estate in Mexico and Central America, the push to penetrate the Canadian mortgage market is considerably cooler -- even with the 2010 Olympic Games in Vancouver just around the corner. Retirees and aging baby boomers "from the states" are drawn to Canada for its wonderful skiing, health care, bargain medicine, terrific sailing and clean air, but the numbers of second-home buyers and older full-time residents have not been as attractive to lenders as the pool of thousands of snow birds who head south. Americans can borrow from Canadian banks and vice versa. But trying to finance Canadian property with U.S. funds becomes difficult. Location, security in the property and the ability to enforce simply make the package unattractive to most U.S. lenders. GMAC, one of the more interested international mortgage participants, recently introduced a 30-year, fixed-rate loan in Mexico, but officials say they are "...
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