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Winter Cottage

winter cottage mortgage

Applying for a winter cottage mortgage

Did you know that financing is available for winter cottage properties at competitive rates? Whether for purchasing or refinancing. It is treated as a second home, therefore allowing for favorable financing options. Whether you want to purchase a winter cottage or summer cottage or a cottage that has year round access we can help you with getting the right financing for it. Contact us to learn more.

Rental properties and investment properties require at least 20% down payment. Most financial institutions will look at financing your cottage property with as low as 5% down payment. It all depends on your financial strength and credit health.

These property types come in different categotries, such as year round full access or with seasonal road access. They can vary with techincal things such as whether they are heated in the winter or what water source you have on the property.

If the cottage does not have year round road access some lenders will decline the application or ask for a higher down payment. Ideally you would want to purchase a winter cottage that has road access in the witner time and also has an installed heating system.

The location of the cottage property can affect your chances of getting approved for a mortgage. Some lenders do not have the risk apetite for very remote or rural cottages locations. Other lenders on a case-by-case basis will considering financing rural properties.

It is an advantage to work with an experienced and seasoned mortgage company like Trusterra Mortgage. That’s why we are here ready to help you with all your real estate financing questions and needs.

Contact us. Let’s talk!

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