Financing Your South of the Border Getaway Property
In the middle of a typical Canadian winter, it’s difficult not to wonder what it would be like to be somewhere else – preferably somewhere sunny. I admit that I often look on the Internet for vacation property. But how exactly does one go about funding a foreign property purchase?
I wrote earlier in the year about condos in Florida going for roughly the same price as a parking space in downtown Toronto. With low interest rates, a high loonie and inexpensive property, it’s certainly an attractive option.
Apparently, it’s difficult for a Canadian to get a mortgage from an American bank and if you can find one that will lend you money, they often require a 30 per cent down payment. However, there are a couple of Canadian banks who have programs tailor made for those who want to buy in the United States. I have to admit that it would have never occurred to me to ask a Canadian bank for a mortgage.
For now, it’s just a dream, but you never know, I might find something too good to pass up.
