The Canadian dream is more than just buying a home. It also includes buying a cottage. You know, a great place in the country, away from the city, where you and your family can frolic in the water and commune with nature—a place to spend quality time away from the hustle and bustle of metropolitan life.
Of course, many homeowners still assume that a family cottage isn’t part of the Canadian dream but a pipe dream. Those homeowners need to change their assumptions. There are now several options available to Canadians to help them buy a cottage. Those options include using equity in a current residence, taking out a second mortgage, and financing the cottage on its own.
Regardless of which option you select, your lender will want your cottage to meet a few standards. While each lender is different most will want your cottage to be well-built and in a location that’s accessible year-round. Those aren’t really big demands as you’ll probably want those qualities in a cottage to begin with.
In the past, cottages were seen as luxuries that only wealthy families could afford. That’s no longer the case. With infrastructure improvements, the Internet, satellite television, expanded telephone service, and better winterization techniques, cottages are not only a great place to get away from it all but also a great place to live after retirement.
That means cottages are both a vacation destination for you and your family and a great investment. Still, you’ll want to consult a mortgage planner to learn everything there is to know about buying a cottage using vacation home mortgage. They’ll help you find the best available mortgages on the market.
So don’t let another Canadian summer pass you and your family by without having a cottage to escape to. Make an appointment with an experienced and qualified mortgage planner today!
Make an appointment with our experienced and qualified mortgage brokers know about vacation home mortgage requirements in Brampton, Oakville, Milton, Mississauga and other surrounding areas Call 905-789-8198 or Ask our Expert Mortgage Agents