Cottage Country Mortgage Options
“There Can Be Many Different Financing Strategies To Consider For Financing or Refinancing a Cottage Property”
Ah yes. It looks like spring has arrived in Ontario.
And with spring fever comes the cottage season as well as cottage construction, refinancing, and buying and selling of existing cottages.
Especially in Ontario, where we have a very well established cottage market, the mortgage options available are considerable as well as the various financing strategies you can consider to get a mortgage in place that meets your needs.
The challenge is that almost all cottage mortgage applications require somewhat of a customized mortgage financing solution depending on their location, resale market potential, and the financial profile of the borrowers.
And while there are lots of lending options, it can be easy to secure what I would call a sub optimal mortgage that allows you to close a deal or get refinanced, but is potentially not the best option that was even available to you in the market place, creating unnecessary costs for you over time in lender fees, higher interest rates, and the need to refinance in the future sooner than later.
This is where utilizing the services of a mortgage broker, especially one that’s done some cottage financing, can provide great value to you. As a mortgage broker myself, I am definitely biased in this regard, but I do believe that the knowledge and experience you can put to work for you can create a significant financial benefit that in most cases doesn’t cost you anything as most cottage lending scenarios have the lender paying the broker directly.
The key is to pick a mortgage broker that you are comfortable with and can work through the different scenarios with you until you come up with a solution that meets your requirements and takes advantage of the best offers in the market for your property and situation.
If you’re going to be looking for a cottage property this summer that will require mortgage financing, I recommend that you give me a call before hand so I can review your requirements and financial profile and suggest different cottage financing strategies to consider. This can greatly assist your shopping process by giving you a better perspective of how certain types of properties can be financed in certain areas of cottage country.
About the Author Joe Walsh
I'm a Toronto Mortgage Broker that arranges mortgage solutions on residential and commercial real estate property. With over 30 years of mortgage financing experience, I'm able to quickly assess your financing requirements and provide relevant solutions for your immediate consideration. Joe Walsh Google+ YouTube Channel