The new Mortgage rules that were implemented in April do not change the current guidelines for borrowing to buy a second home, i.e. a Cottage. The dream of owning your own family getaway may be closer to reality than you think!

Now is the perfect time to buy a cottage;
-Interest Rates are still low,  (especially the variable rates)
-The HST is not yet in effect, (coming July 1st)
-Markets just before the summer in cottage country are slightly lower, and sellers more motivated to sell.

You can buy a cottage with as little as 5% down payment. The source of this down payment can be the existing equity in your own home, as well as other sources, i.e. RRSPs, gift, etc.

Mortgages for a cottage (second home) are treated the same as your primary residence and you may qualify for an interest rate as low as the current lowest posted 5 year fixed rate or Variable Rate

“As a cottage owner in Muskoka, I understand how important realizing your dream is. As a Mortgage Agent, I want to help you make your dream a reality.”, Sarah Hurson Mortgage Agent # 09002165

For more information please complete the confidential contact form below, or on our Contact Page, or email us directly mortgages@dropmyrate.ca or call toll free 1-866-712-3943

Tags: buying a cottage, Cottage, Mortgage, mortgage for cottage, Vacation home

This entry was posted on Wednesday, March 3rd, 2010 at 12:28 pm and is filed under Mortgages, Purchasing, Second Homes, Uncategorized . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.