The “Big Five” Canadian banks include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Are there other viable options?
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Location a key factor in getting a cottage mortgage
– moneysense.ca
(Getty Images)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.
Barry Gollom, vice-president of mortgages and lending at CIBC, says while your strength as a borrower is important, banks will also take a close look at the property being acquired when determining how much they are willing to lend.
“Lenders will look at the location, proximity to a major market, sometimes is it on a big lake, is it on a small lake, access to the property, year-around is best, paved roads is a plus,” Gollom said.
“Lenders will want to ensure that there’s a safe and consistent water source as this can sometimes materially impact the marketability and value of the cottage…
Uber in talks with banks for $1-billion credit facility: report
– theglobeandmail.com
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