Financer un chalet : découvrez les étapes pour avoir votre résidence secondaire
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Are you searching for an ideal secondary residence or a land to settle in the Laurentians? In this case, a good advice would be to find more information about getting a second mortgage. This can be a great way to help you achieve your dream! We have compiled a few important points for you to consider below.

Ideal budget for the perfect cottage

The first thing to do when you think of having a second home is to determine your budget. It is very important to calculate how much you want to pay. That way, you won’t lose valuable research time. You will avoid having your heart broken because you cannot afford to build or buy something too expensive!Also, just like when you buy or build a house, be aware that you will have some choices and compromises to make. Your dream cottage will have many advantages, but sometimes there are extras that are not necessary for your own needs. Focus on what is really important for you. Your search for a land or cottage will be more pleasant and more easy. Last but not least, if you want to get more help from the banks, it is advisable that the cottage be accessible during all four seasons and be equipped with a septic tank, among other things. In case you would like a cabin far in the woods without electricity, you could be faced with a bank refusal since resale will prove difficult in the event of a financial recovery.

Your help towards a second mortgage

You may want to refer to some people to make your life easier and advise you on how to get your cottage. For instance, a residential mortgage broker could be a good resource person. He or she should be able to advise you on a reliable institution that can finance your cottage through a second mortgage.Regardless of your budget, whether you want to buy with a minimum down payment or if you can afford to pay the full amount, you should know that it is better to confirm with a bank or a financial institution that you are eligible for funding. In all cases, you must confirm your credibility as a potential buyer.

Your financing options

If you are buying a cottage that has already been built, make sure your second home is in good condition. A representative of a financial institution will inspect it when you apply for financing. You can then use the Canada Mortgage and Housing Corporation (CMHC) or the private mortgage insurer Genworth to help legitimize your application for cottage financing.Then, you still have to make some choices regarding the financing of your cottage. If your future cottage is a second home, you can opt for a line of credit on your main home. Otherwise, you can take a second mortgage on your main home. One last option would be to keep only one mortgage, but to increase monthly payments.Once you have considered these tips, we wish you a fun time looking for your cottage! If you have additional questions please feel free to contact the team at Kanata Tremblant. They are the best to give you more details about their lands and cottages and could help you in your process!Thinking of building a cottage? Kanata Tremblant has several vacant lots. Discover them by clicking here!
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