Mortgage for offshore properties

Jan 26th, 2016 – Comment

Always go to a pro for the right answer!


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Lou Schizas is an equities analyst, investor, entrepreneur, professor and television and radio personality – and a true believer in the happiness-inspiring powers of capitalism.


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Hey Lou Schizas,

Do you know if there is any difference in getting mortgages in Canada for a vacation home/vacation rental in say Costa Rica?

Jay

 

Hey Jay,

I contacted Ron Butler for his expertise on this matter. Here is what he had to say:

It is against the law of Canada for any federally or provincially registered financial institution to provide mortgages on foreign soil. Private lending institutions may or may not choose to do so but not registered FIs. Alternatively Canadians can refinance their properties in Canada to raise money and pay cash in Costa Rica.

Ron Butler
BUTLER Mortgage Inc. (BMI)
FSCO # 12118 / RECA # MW-1510970 / FICOM # X300174-501426

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