Cottages

New Haven entertains multiple types of cottages such as 3-4 season, islands (no road access) and non-waterfront properties. There are so many variables to consider when reviewing these types of properties for approval.

Key Items to Consider:

  • In-land or water frontage
  • Well/Septic/Lake water/Cistern
  • Is it built for 4 seasons/access for 4 seasons?
  • Island property – accessibility
  • Outbuilding(s) or boathouse(s)
  • Size of lake – motorized boats permitted?
  • Other cottages on the lake
  • State of repair
  • Beach/Dock
  • Square footage
  • How is the property heated? (Wood Stove/Furnace/Propane)
  • Leased land

 

Purchase – New Haven will approve up to 80% LTV 1st or 2nd mortgage for an owner-occupied cottage property

Refinance – New Haven will approve up to 75% LTV 1st or 2nd mortgage for an owner-occupied cottage property

To inquire about a purchase, please provide the following:

  • Where is the property located?
  • What is the purchase price?
  • What is the property type?
  • How much is the down payment?

To inquire about a refinance, it is as easy as these 4 questions:

  • Where is the property located?
  • How much is it worth?
  • What is owing against it and with which lender(s)?
  • What do you need?

*Other information will be required for final approvals such as rental acknowledgement(s) and assignment of rents*

To inquire about a Cottage, please email us at inquiries@newhavenmortgage.com

A number of aspects play into an appraisal and loan application for a construction project
Some Tarion exceptions may be made
No formal credit or income requirements required