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"Qualifying Financially"
Over the years many buyers have been out looking at properties, without the knowledge or pre-requisite of being able to purchase another piece of Real Estate.
It would be advantageous for buyers to plan a meeting with their mortgage lender first, if financing is a requirement, and discuss their boundaries for buying recreational property. Armed with this first hand knowledge buyers will be less dissapointed in the long run, especially after looking for several months at several properties, and finding out when it comes time to write an offer that their financing is not approved. |
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Asking Questions
- Will the bank lend on raw land and on how many acres if it is a large parcel?
- Is an appraisal required, and if so what is the fee?
- Is remote recognized as well as fully serviced properties?
- Can I increase or add to my personal mortgage or line or credit?
- Will the bank lend on a rural property that has no services?
For more information on mortgages visit Larry Brinkworth, Office Manager at The Mortgage Centre, or contact him at (250) 374-2222 or fax at (250)374-2219. By e-mail brinkworth.l@mortgagecentre.com
Click the logo to go to Larry's website.
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If you'd like to talk to a Mortgage Specialist in the Okanagan, get in touch with Chris Murphy from Dominion Lending Centres.
You can contact Chris at 250-717-5050 (phone), 250-861-8462 (fax), 250-717-7164 (cell) or email him at
cmurphy@dominionlending.ca
Click the logo to visit Chris's website.
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