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!!

Keeping ahead of COVID-19

In the interest of helping to slow the spread of Covid 19 the PMG has decided to close the office to the public. We are still fully operational but will not be seeing clients in person. Thank you for your understanding and please take care of yourselves.