What you should know about financing your recreational property .....

There has been unprecedented growth in the recreational property market as Canadians are looking both for an investment and a means to improve their quality of life - not only for themselves, but for their families.

Financing for these properties can be more challenging than traditional borrowing for a primary residence.

Things to consider:

• does the property have year round access by vehicle?
• can the property be occupied year round?
• if on an island, is there year round bridge or ferry access?
• does the property have a permanent source of electricity?
• is there a year round supply of water?  From where?
• is the property part of a rental pool?
• are there time share interests?

How you answer these questions is what determines how your Mortgage Professional will review your recreational property when determining the lender with the most favourable financing options.

Options for financing:

• take equity out of your primary residence
• finance as a second home - with up to 95% loan to value on the purchase
• take out a second mortgage on your primary residence

If you’re dreaming of a ski chalet, a golf time-share, or a cottage in the Muskokas – start your conversation with a Mortgage Professional today and turn your dream into reality!

For more information, contact Tracy Irwin.

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