Posted on: 24-04-08 22:31:59
Hi group
I was wondering if it is posssible to get a mortgage in canada to buy a house in US. I checked with CIBC and they said they dont finance real estate outside of Canada. Is it the same with other mortgage companies as well.
Thanks for any help
rsk
Quote:
Originally posted by rsk12
Hi group
I was wondering if it is posssible to get a mortgage in canada to buy a house in US. I checked with CIBC and they said they dont finance real estate outside of Canada. Is it the same with other mortgage companies as well.
Thanks for any help
rsk
I do not think any Canadian Financial Institution would lend on real estate outside Canada. The reason being, if the borrower goes in default, how would they enforce the foreclosure. No financial institution would like to take that risk as it is not worth it.
This is purely my opinion based on the fact that I asked the same question to a number of banks and got reply in negative.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Thats the irony..you cant get finance for your US home, but these very banks will invest heavily in buying mortgages of US customers...
