Cottage Mortgages

Fast, Safe, Secure Online Mortgage Application
Mortgage pre approvals for Canada
Canadian Mortgage Application by Fax

If you answered yes to one or more of these questions then...

Maybe our Cottage Mortgage Program is for you!

Cottage financing and mortgages are looked at differently then primary owner occupied mortgages.  First, you have to consider the monthly debt payments of the existing mortgage if there is one.  Second, you must realize that cottages and vacation properties sell slower then regular housing so banks take a more cautious view of them.  If the cottage is in a built up, saleable area, then chances of being approved are better then being in the middle of nowhere.  Banks always look at the worst case scenario, just in case.

There are generally 2 types of property classifications:

Either are acceptable but reflect on the rate and the loan to value that is approved.  Type B is typically more expensive.  95% financing is available for Type A properties and 75% financing is available for Type B properties.

Some rough guidelines and facts:

To get access to the lowest rates and terms from cottage mortgage lenders you generally need to deal with an Ontario Mortgage Broker and that's where we come in.  We'll take a look at the entire application, including the back story, package it as best we can and present it to the most appropriate cottage or vacation home mortgage lender in Ontario for approval. 

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