Cottage Mortgage & Vacation Home Mortgages
Do you need a mortgage for a Canadian cottage or vacation home?
Are you purchasing a 'nonconforming' vacation property and have been told it can't be financed by your regular bank?
Have you been turned down for a cottage mortgage by a bank, or several banks, due to any number of reasons?
Do you need financing fast and you can't wait for the bank to make up their mind?
Are you being treated badly because you want to enjoy your life and relax?
Do you just need someone to help you through the confusing process of purchasing and financing a cottage vacation property in Ontario?
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:

Type A: Zoned and used as residential, rural or seasonal; central heating; year-round road access
Type B: Central heating not required; seasonal road access is acceptable
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:

Rates - bank discounted rates for those applicants & properties who qualify
Term - any regular bank term
Payments - amortized payments up to 25 years
Fees - depends entirely on the package - usually 1% to 3%. Sometimes $0.
Region - throughout Ontario and most parts of Canada
Approval - approvals can take 1 to 2 days depending on the deal
Funding - funding can happen in 3 weeks if all is in order
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.