Cottage & Vacation Property
For many, the dream of owning a cottage or vacation property has been just that, a dream. Financing restrictions on this type of purchase and mortgage rate premiums in the past had made it difficult for most people to afford a vacation property. On March 18, 2004, however, GE Mortgage Insurance Canada opened the door to cottage ownership with a fantastic program. Now, you can buy a cottage with as little as 10% down payment. 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.
To qualify, you require good credit and the cost of carrying the cottage mortgage plus all your other financing obligations cannot exceed 40% of your gross income. The best part about cottage financing is that it can be done at normal residential mortgage rates, including variable rate products so the financing is very affordable. If you require further information, please feel free to contact us.
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