Financing your resort home is simpler than you may think and various options are available depending on your personal situation. Once you have made your decision on the resort home of your choice, a meeting with one of our preferred lenders consultants is your next move to determine the best options to suit your needs. While you may also work directly with the financial institution of your choice, it is often beneficial to consult with a bank that is accustomed to financing resort real estate.
Depending on the value of your home, the down payment required is between 20% and 35%. Canadians purchasing a home priced under $500 000 can enjoy up to 80% financing and non residents can finance up to 75%. In the case of homes priced over $500 000, typically, 65% of the value of the home can be financed. Using the equity of their primary residence, Canadians can finance 100% of their resort home.
As with a mortgage for a primary residence, mortgage terms are held for a maximum of 5 years over 25 years (some lenders even offer 30 year terms). The approved amount of the loan is based solely on the purchaser's ability to reimburse the mortgage; the potential rental revenue of a residence never factors in to the lenders calculations.
Interests rates are currently at a 30 year low - and a mortgage consultant can help you realize additional economies on published rates. The downturn in the market has also caused some homeowners to revise pricing to encourage the sale of their home making this an ideal time to consider purchasing resort real estate.
For more information on financing resort real estate, consult with the professionals.
Diane Berry
Mortgage Counselor — Desjardins
dianeberrydesj@hotmail.com
Jeanne Dubé
Mortgage specialist — BMO Banque de Montréal
Jeanne.dube@bmo.com
Owning a home at Tremblant means being part of a select group – and with ownership comes special privileges only you can benefit from.
As a homeowner, you're automatically eligible to be part of the Club des montagnards. It was created especially for Tremblant resort homeowners. A first among Intrawest resorts, it is designed to help owners, their families and friends enjoy the best of Tremblant living and help build relationships and a sense of community. Members enjoy access to special activities such as golf tournaments, cocktail parties, and special events, and a subscription to the club's biannual newsletter. In addition, Club des montagnards members enjoy special discounts at participating resort restaurants and boutiques as well as amazing golf and ski discounts, and much more! Visit Club des montagnards online for all the details.
Resort to Resort is an exclusive Homeowner exchange network comprised of select vacation homes at Intrawest Resorts and a portfolio of carefully selected partner resorts. Members have access to an expanding collection of 155 properties at over 30 premier resort destinations in six countries as well as A&K Travel and Ice Gallery Cruise Lines. Owners of a home at Mont Tremblant may exchange a week or two for travel to such sought after destinations as Whistler, France, Costa Rica, Palm Springs, Zihuatanejo... the vacations choices are almost endless. Visit www.resorttoresort.com or call an Exchange Consultant at 1.800.955.2692.
The ability to rent your home while you aren't using it is one of the major attractions of buying resort real estate. At Tremblant, all rentals are handled by two world-class organizations. For the majority of properties in Domaine du Village, rentals are managed by Les Suites Tremblant. For properties located in Domaine de la Forêt, Domaine du Géant, Domaine Nansen, and Domaine du Diable, Tremblant Sunstar is the rental manager.
