Wondering about buying a home outside of Canada? Inevitably, when you’re on winter vacation, you’re like, “Hey, I want to buy a place in Arizona.” “I want to buy a place in Mexico.” “I want to buy a place anywhere other than where there’s six feet of snow.” And so the question becomes, “How do I do that? How do I get a mortgage?” Let me explain!
The reality is you can’t get a mortgage on a property out of the country from a Canadian lender. What you would have to do is either refinance your house to pull out equity and either pay cash or have a big down payment, and then deal with a local lender in terms of getting the mortgage. So, you know, a mortgage broker might be able to connect you with a local mortgage person depending on where you’re looking at buying, or we can certainly help you on the refinance side of things. So, bon voyage when you get there!
Reach out to me if you have questions!
I have a great video on financing an AirBnB property too.
About Jason Scott, Edmonton Mortgage Broker
Looking for a personalized mortgage solution? As an Edmonton Mortgage Associate, I’ll be your trusted partner who will help you get the right mortgage for your family home or Investment property. I’m Jason Scott, and I’ll be your Mortgage Broker Edmonton.