Comment financer une résidence secondaire
Have you been considering buying a cottage? Do you dream of getting away every weekend to hit the slopes? Or spending lazy summer afternoons by the lake? Well, your home away from home is closer than you think. Read on to learn how you can get a cottage mortgage and make your dreams come true.

What is your financial situation?

First, it is important to assess your financial situation. This may seem obvious, but it is a necessary first step. Take stock of your finances and figure out how much you can afford to borrow. This will help you determine your monthly mortgage payments and adjust your budget accordingly. It will also allow you to estimate the loan a mortgage lender may be prepared to approve. Consult with a mortgage broker for more information and to help you establish your borrowing capacity.

Your primary residence can finance your cottage mortgage down payment

While a cottage mortgage typically requires a higher down payment, your primary residence is a good place to look for financing. For example, you can refinance your mortgage on your primary residence. If your home is worth more than your outstanding mortgage, you may be able to leverage the available equity. Depending on the amount of equity you have built up, you can borrow up to 80% of the value of your home. Moreover, the value of your primary home has surely gone up. By refinancing your home, you can free up funds for your down payment.

You can get up to 95% financing on your cottage mortgage

Will your cottage be used year-round? Will it be a seasonal home? Depending on the type of cottage you wish to buy, you can borrow up to 95% of its value. Additionally, you can choose between a fixed rate, variable or reduced rate mortgage and get a 25-year amortization period. You can also look into a home equity line of credit. These can finance up to 65% of the cottage’s value. In fact, there are many financial options available to make your dream of owning a cottage come true. Speak to a financial advisor for more information on the different cottage mortgages available to you.

Do not forget to tally up all the expenses associated with owning a cottage

While your cottage mortgage payments will represent the bulk of expenses, there are other costs to consider. Owning a cottage comes with various expenses that you need to include in your new budget. It is important to be aware of all costs in order to make a sound financial decision. These expenses include: maintenance and repair, property taxes, insurance, furnishing costs, transportation costs, utilities and more. A great way to help you pay for these monthly expenses is by renting out your cottage. For example, Kanata Tremblant offers a full concierge service to help you rent your cottage in the short or long term. This can be an interesting source of revenue, especially if your cottage is located in a popular vacation destination like the Laurentians.Applying for a cottage mortgage may be easier than you think. There are several financial solutions that can suit your specific needs and financial situation. Start shopping for your dream cottage in the heart of Kanata Tremblant’s breathtaking estate today and turn your dreams into a reality.

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