Winter blues bringing you down? Thinking of May 2-4, the unofficial start of Cottage Country Season? Well, you’re not alone and it’s likely this relentless winter to blame. Fun or not-so-fun fact: The Greater Hamilton Area has had more snow so far than ALL of last year’s winter according to a report this week from The Weather Network (November to April 2017).
You may be wondering what this has to do with mortgage financing. So we thought it’s a good time to remind you that there are plenty of great mortgage solutions for a dream vacation home!
The basics:
Financing can be as little as 5% down as long as it’s a marketable full-season cottage. Property requirements that the lenders and mortgage insurers look for:
- Permanent Foundation
- Potable Water
- All-year access
- Major heating source (such as furnace, baseboard, etc)
- 4 Season, Insulated
If the cottage lacks the above there is still great financing with 10% down or more. These types of vacation homes can have one or more of the following characteristics:
- No permanent foundation
- No potable water (so long there is running water within the cottage)
- Island access OK
- No major heat source (fireplace OK)
- 3 Season
So if you find yourself dreaming this winter about cottage life, it’s never too early to discuss your financing options. Happy Dreaming!!
