Monday, April 14, 2008

Relax. Your cottage by the lake
isn’t just a dream

As you breathe in that deep breath of fresh air you know you’ve found that idyllic spot where you’ve always dreamed of spending your golden years. It’s the perfect cedar-shingled cottage right on the lake, where you can relax and enjoy the company of family and friends. Like a growing number of Canadians in their peak income years, a vacation property has always been part of your retirement plan and now that you’ve found it, only one step remains; financing it.
In the past, financing for a recreational property
has been more challenging than for a principal
residence, as traditional lending institutions have
found second homes to be a less than desirable
investment. With today’s booming recreational
property market, however, Canadians longing for a
summer, winter or all-season retreat are finding they
have other options.
A growing number of Canadians are factoring a
vacation property into their retirement planning.
While recreational property mortgages are still
relatively new to the market, they can provide
Canadians with an easy and affordable way to
make that cottage, chalet or retreat a reality.
A recreational property mortgage can help qualified
homebuyers make that beach sunset or ski chalet
possible with as little as 5 per cent down. Whether
a homebuyer is purchasing a waterfront home,
resort-style condominium or timeshare property, this
type of product can provide a mortgage on an
owner-occupied second property located in a known
vacation area. To make qualification even easier,
this product can also function as a blanket mortgage
utilizing a principal residence as additional collateral.
Vacation properties are more than just a financial
investment for most Canadians. They quite often
become the spot where families come together.
By visiting a Mortgage Intelligence agent,
Canadians can get the financing they need to realize
their vacation.
Central Office: 3300 Bloor Street West, Centre Tower, 9th floor, Suite 2900, Toronto, ON M8X 2X3 ® Registered trademark of Mortgage Intelligence Inc. © Copyright 2007, Mortgage Intelligence Inc., all rights reserved.
Larry Broadley
Mortgage Consultant
519 238 5899 of TF 1 877 338 5899