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
