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!!