Mark5
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# Posted: 9 May 2008 09:42 - Edited by: Mark5
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Hi all,
I was considering getting some financing to buy a recreational property and build a cabin there, however I have found that mortgage lenders are reluctant to lend money if property is not going to be your primary residence and recreational/occasional use instead. And if you find a lender, their terms (interest rates, etc.) are not that good.
Is that a generally true is it is just my experience?
It appears that best option for me is to use my unsecured line of credit and come up with cash for the remaining balance. Just don't want to miss the property while getting financing figured out.
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