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Today: 22.01.2018 - 13:57:23
   Canada Mortgage Hub Discussion Board -> Mortgage Toronto -> Can I get a mortgage on a house with partial fire damage?
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paragasn

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Can I get a mortgage on a house with partial fire damage?
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privatively9623

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A this is a USA real estate forumb; any bank will lend on this--one is a purchase loan and the otheris a repair or rehab loan. The 2nd or even the first is expensive and when youget a 3rd, TAKE OUT loan [USA language], your take out pays off the first2 and is at about 3.8%, 30 yrs fixed.buy a home warranty too
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nitro72

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my opinion is that some insurance company was supposed to pay for the fire damage and didn't so therefore the house might not be on sale right now till all the litigation is finished and the damage is fixed. if the owner got the money and spent it on something else then they might get jailed. here in the USA home insurance is required so again i'd say some insurance company was supposed to pay to get it fixed. I don't think a house would be sold if it's in litigation. And i don't think an insurance company would insure it if it's not been fixed first. Having said that, banks normally lend only 80% of what they deem the house to be worth and you'd need to have saved up 20% plus closing costs. Know that if there has been a fire then the smell will linger when you buy it and might not go away even after it's fixed.
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