A cottage or second home is a different kind of purchase, and the financing reflects that. How you will use it, the property itself, and the fact that you will carry two mortgages all shape the deal. Here is what to know before you start looking.
Living in it part of the year, or renting it out, changes the financing.
Year-round or seasonal, water and septic, and road access all matter.
Varies by use and property type; a seasonal or rental place usually needs more.
You carry two mortgages, so lenders look at the full picture.
Equity in your current home may help fund the down payment.
A winterized home you can use in any season often finances much like a primary residence, and on some properties insured options may be available to review.
A seasonal cottage, or one you plan to rent out, usually calls for more equity and is read more like an investment than a home.
A well and septic system may need their own inspections, and lenders can ask about them.
Seasonal use or water access can affect the coverage you need and what it costs.
Year-round road access and utilities affect both the property's value and the financing.
Bring us the property and how you plan to use it, and we will walk through the down payment, qualifying, and your options. A licensed member of our team will follow up.
Start a conversationInformation here is general and educational. It is not financial, legal, or lending advice, and it is not an offer of financing. Down payment, qualifying, and insured-option eligibility for second homes and cottages vary by use, property type, lender, and insurer program, and can change. Any figures are illustrative only. All financing is subject to lender review, property review, and supporting documentation. Submission of a form does not guarantee approval or financing.