Cottage Financing

Cottage financing in the past was expensive but not any more!

• Both client and property must meet criteria
• Maximum loan to value (LTV) on a purchase - 95% or on an existing property — 90%

Eligible Properties

• Year round access (please call us for information on island cottage purchases)
• Well & Septic systems (variances available)

Amortization

• 25 year standard
• Extended amortizations of 30 and 35 years are available

Rental / Investment Purchases

Both the applicant and property must meet lending criteria

• Types of property — Maximum 1-4 units — residential
• Maximum LTV — 90%

Borrower Qualification

• Downpayment from borrowers own resources
• Maximum Total Debt Service Ratio 40%
• Using actual rent or 80% of market rent
  

Always remember…

The VanderDuim Mortgage Team is here for you —
Before, during and after your transaction closes.

905.623.9738
1.866.623.9738

* On approved credit (OAC)E&O