A Mortgage to buy a Cottage? Here’s what you need to know
Craig Wong, The Canadian Press, July 02, 2015
OTTAWA – Whether you call it a cottage, a cabin or a camp, when the temperature begins to rise, the dreams of sitting on the dock at a place of your own start this time of year.
But if you don’t have the cash on hand to buy one outright, you’ll have to borrow the money.
And while the basic process of applying for and qualifying for a mortgage are the same, lenders will look at many more variables when assessing a property before lending money to buy a cottage.
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