Cottage Mortgages - Your Financing!

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Jay Kingsbury
Mortgage Agent
Direct: 613-808-0922
Mortgage License # 11759

Cottage Mortgages
When beginning your research about buying a cottage and getting a mortgage research for the right mortgage that will fit your needs.

First, consider if you want to use a bank or a mortgage broker.

The differences between the banks and using a mortgage broker are very different.

When applying to your bank for a cottage financing the bank is strictly looking at their rules and regulations and they may have a lot of restrictions placed on cottage mortgages.

An Example: Your bank has a condition that you cannot have the water supply coming from the lake.

If families are refused a mortgage from their bank, many often the mistake of thinking they cannot turn anywhere else for a second opinion.

What the bank will often not tell people is that you can go to a mortgage broker and they will have a lot more options.

Example of Other Conditions are:

  • Does the cottage have a well
  • Septic System
  • Electrical source
  • Heating source
  • Year round access
  • Seasonal Property
  • Renting?
  • Island Properties
As a broker, we determine your needs and wants and then source 47 lenders, including all the major banks and find the right lender to suit your needs....a far greater range of options.

For families that have good credit...chances are we and up dealing with a A lender (one of the major banks), perhaps even your own bank, and get the same rate or better than the bank was going to offer.

In all, when searching for cottage financing, I provide many more options for your family mortgage needs

Many families are under the perception that mortgage brokers specialize in working with families that may have had financial problems in the past.

Different lenders that are willing to work with people that have fallen on hard times.

However we also provide first class cottage mortgages at the best rates to help your family meet your goals and making your dreams a reality.

Get your financing in place before beginning your search! Don't fall in love with a property and find out you don't have the financing!

Conventional Mortgage

The same as buying your house with 20% down payment. This amount for a down payment avoids CMHC or another mortgage insurer and a high ratio mortgage.

Depending on the cottage you are purchasing you may need to have a larger down payment.

Home Equity Loan or a Line Of Credit

Have equity in your home? This is probably the cheapest source of funds to finance your cottage purchase.

VTB or Vendor Take Back Mortgage

Vendor Take Back for a Cottage- This technique has the original owner holding a mortgage on the property, just like a bank. For sellers, this may be a alternative for assisting in a sale.

Contact Jay for More Information

Cottage Mortage Financing

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Mortgage Brokers City Inc., License #11759 Mortgage Brokers City is a franchise of The Mortgage Centre. Each Mortgage Centre office is independently owned and operated. The Mortgage Centre is a division of CIBC Mortgages Inc., a member of the CIBC group of companies.

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