CTV News - Mortgage Minute May 14
Thinking of buying a cottage? Ottawa Mortgage Broker Frank Napolitano has some advice for you!
Click here to watch the full video from CTV Ottawa.
Summer is the time when many Canadians will turn their attention to cottages. In this week's Mortgage Minute, we learn that financing a cottage purchase is not so different than that of a residential property. The approval process is the same; the lender will be mainly focused on the borrower's ability to carry the mortgage.
It is also a common misconception that mortgage rates on recreational properties are higher. Frank tells viewers that this is not the case. Borrowers should still have access to the same low mortgage rates that would be available for their principal residence.
For more information, talk to an Ottawa Mortgage Broker.