The
dream of owning a cottage or vacation property has been just that, a dream for many
because of financing restrictions on this type of purchase in the past and the fact
that more often than not there was a mortgage rate premium applied on a cottage mortgage
that made it more expensive and economically difficult for most people to afford..But
that was the past and on March 18,2004,GE Mortgage Insurance Canada opened the door
to cottage ownership with a fantastic new program.Now you can buy a cottage with
as little as 10% down.It can be a year round cottage or a seasonal vacation home.It
can be on the mainland or it can be on an island.In fact, just about any type of
property will qualify.Financing can be approved for up to $350,000 to $450,000 for
qualified properties.
You require good credit and as long as the cost of carrying the cottage mortgage
plus all your other financing obligations does not exceed 40% of your gross income
,your dream of those lazy,hazy crazy days of summer by the water can become a reality.The
best part of this financing is that it can be done at normal residential mortgage
rates including variable rate products so the financing is very affordable.This program
is not available everywhere as there are currently only two lenders who are participating
so chances are your financial institution may not offer it.If you require further
information,please feel free to contact us.Please click here to do so.
