Real Estate

Financing a Cottage

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  • Sep 16th, 2020 6:58 pm
[OP]
Sr. Member
Jan 22, 2012
647 posts
259 upvotes
Bradford

Financing a Cottage

Looking for information on financing a cottage? From my research it seems to depend on what type of property it is (3 season, 4 season, winter access, etc.

Do most people just use the equity in their current home? Get two mortgages? Use equity for the 20% down payment and then a mortgage?
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Deal Guru
User avatar
Feb 2, 2014
10282 posts
2993 upvotes
Toronto
Topher86 wrote: Looking for information on financing a cottage? From my research it seems to depend on what type of property it is (3 season, 4 season, winter access, etc.

Do most people just use the equity in their current home? Get two mortgages? Use equity for the 20% down payment and then a mortgage?
See Type B homes (https://genworth.ca/en/products/vacatio ... ogram.aspx).
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
May 24, 2016
3 posts
I'm looking for a renewal for a type B vacation property (water access only) in Ontario (French river area). Renewal is early November.
What would be the best rate that I can get?
Mortgage owing is about $160K. Property was appraised last year for $240K.
Will I need a new appraisal?

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