Similar to a traditional home mortgage, getting a cottage mortgage involves submitting your financial documents and understanding what type of a mortgage you may qualify for. Dissimilar to a home mortgage, there are a number of additional factors that are taken into consideration when it comes to financing your dream cottage.
When it comes to cottage financing, there are two different types of cottage mortgages:
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Cottages like homes require maintenance, upkeep and can carry hefty tax bills. It is important that you work with a qualified realtor to ensure you understand the carrying costs associated with cottage ownership over and above the monthly mortgage fees. In addition, it is wise to see if there are any opportunities to get rental income on your cottage property as it is a very good way to offset some of the annual costs.
If you have dreamed of owning a cottage you may be able to realize that dream sooner than you thought, but make sure you speak with a seasoned mortgage professional who an guide you in the right direction.
This first type of cottage is easier to finance and most lenders will be willing to give you a cottage mortgage if you meet the listed criteria.
Cottage financing also requires an appraisal which can be costly. Cottage appraisals are often more expensive than traditional home appraisals as they are more involved. Most cottages come with a larger parcel of land, multiple buildings, waterfront, boat houses, docks, septic systems and other items which increased the time needed to complete a full appraisal.
Once you determine which type of cottage you are trying to finance, our qualified mortgage agents will help you find the right lender and mortgage product to fit your needs. There are numerous ways to find the right cottage mortgage and our team of professionals can help you sort out what the best solution is for you.
Kate & her husband Ben had always dreamed of cottage ownership. They had their eye on a particular west facing property on Lake Rosseau and asked their SafeBridge mortgage agent to help with the financing. Their SafeBridge agent was able to help them refinance their Toronto home, pulling out $1M in equity which they put down on their new cottage. While the cottage itself needed a bit of work it was the perfect view and their forever piece of land.
At SafeBridge our access to over 63 different lenders sets us apart. With over 20+ years in the mortgage lending space our team of mortgage professionals is qualified to help you find cottage financing that suits your needs.
No two cottages are alike and we pride ourselves in customized solutions that solve your unique challenges with regards to cottage financing.
When you work with SafeBridge, our team of professionals take the time to understand your situation and come up with the perfect financing solution. It is always in your best interest to work with a company that will not only help you secure financing but also keep in mind your holistic financial goals and make sure they are all in alignment. As a company we help thousands of clients each year find the perfect financing solution to fit their needs. When it comes to cottage mortgages our team of exceptional mortgage brokers will assist you with finding the perfect cottage mortgage and financing terms.
We want to help make your family’s cottage ownership dreams come true! Contact us today to find out how we can help get your cottage financing in order. Whether you are looking to purchase a new cottage, renovate an existing cottage or do a complete build from the ground up we are here to help!
Apply NowSimilar to a traditional home mortgage, getting a cottage mortgage involves submitting your financial documents and understanding what type of a mortgage you may qualify for. Dissimilar to a home mortgage, there are a number of additional factors that are taken into consideration when it comes to financing your dream cottage.
No, you need to put down at least a 50% down payment on land.
Yes, you will need to get an appraisal to get financing for your cottage. Cottage financing also requires an appraisal which can be costly. Cottage appraisals are often more expensive than traditional home appraisals as they are more involved. Most cottages come with a larger parcel of land, multiple buildings, waterfront, boat houses, docks, septic systems and other items which increased the time needed to complete a full appraisal.
Yes, you can put a cottage mortgage on a cottage with no existing mortgage. Speak with one of our mortgage agents to find out how.
Similar to down payments on primary residences, you will need to put down at least 5% up to $500K and 20% over $1M.
At SafeBridge we believe in experiencing growth together. We want to ensure that each of our agents is successful and feels a part of the SafeBridge team. We offer customized training, lender previews, team events and even team trips to build the strong culture of inclusion and support that so many of our agents enjoy.
We believe it is essential to hire and Partner with the right people. We are looking for the best and brightest in the Industry to join our Exclusive Group of Professionals. Our team consists of loyal top producing Agents that have demonstrated exceptional care for their clients and passion for the industry in which they serve. Our Mortgage Centered Financial Planning approach helps our team foster long lasting relationships, which brings a unique process to the mortgage business.
With over 20+ years in the Mortgage Industry, SafeBridge has built a solid reputation in the industry and is well respected by all major lending partners. SafeBridge has partnerships with over 10 insurance providers in Canada and has access to hundreds of mortgage products.