Mortgages on leased land

• If the cottage or mobile home is 4 season and has year-round access, then the minimum downpayment is 5%, utilizing CMHC (Canada Mortgage and Housing Corporation), to a maximum of a $500,000 value.

• If it is not a 4 season dwelling, or you want to do the mortgage without CMHC, then your minimum down payment would be 20% down.

• Please note that all mobile homes on leased land must be CMHC insured, regardless of the down payment amount.

Yes, all mortgages on leased land, as well as mobile home mortgages qualify for standard mortgage rates.

It is not considered leased land, and a regular mortgage would apply in the following scenarios:

• The cabin / cottage has title (ownership) to the land it is situated on.
• The mobile home has title (ownership) to the land and the mobile home is affixed to the property (example: mounted to a permanent foundation or screw-piles.)

Yes.  Purchase + Improvements is a feature enabling you to add on to your mortgage (at time of purchase) to include the costs of renovations and upgrades that increase the value of your home.

For your mortgage application you will need:

• Copy of the lease agreement.
• Current pay stub.
• Your most recent T4.
• Photo ID.
• Confirmation of down payment funds.
• A list of assets and liabilities (including: investments, vehicles, credit cards, loans, or any other financial obligations.)