Finance your cottage with a residential mortgage rate.
Lock in our Best Rate Guarantee and save thousands with a low residential mortgage rate.
When you get your cottage mortgage with Cambrian, you benefit from getting a residential mortgage rate.
And when it comes to the cost of your mortgage, a lower mortgage rate makes a big difference.
Save even more with our Special Offer Mortgage Rates for cottage mortgages.
For example, on a $500,000 cottage mortgage, saving 0.20% with our Special Offer 5 Year Fixed Mortgage Rate would equal $4,770 less interest cost.
On the date you apply for a Cambrian mortgage, either online or with a Personal Banking Advisor, we automatically lock in our 1 – 5 year fixed mortgage rates in effect on that date for you, for up to 4 months from the date of your application.
We have extensive experience with cottage mortgages. Our advisors intimately know the Manitoba market because they live and work here.
For example, we know that many local cottages are on government or leased land, so we finance those as well. And many Manitobans have cottages in Ontario, so Cambrian also finances cottages in Northwest Ontario.
Contact us to review the details of the cottage property you would like us to mortgage.
At Cambrian, we make what you may consider complicated, like buying a cottage, simple.
We evaluate each situation individually and make our honest recommendation based on what we feel is best for your overall financial wellness. We will listen to your needs and clearly explain all your options so that you can make the decision that is best for you.
When it comes to the cost of your mortgage, a lower mortgage rate makes a big difference.
For example, on a $350,000 mortgage, saving 0.20% with our Special Offer 5 Year Fixed Mortgage Rate would equal $3,340 less interest cost over the 5 year term.
Special Offer Mortgage Rates cannot be combined with any other mortgage offer.
Special Offer Mortgage Rates apply to new purchase, transfer and refinance for residential and cottage mortgages. Excludes rental property and commercial mortgages. Must have net new funding of $200,000 or more. Rates subject to change without notice.
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We know your time is precious, so we strive to make your experience quick and seamless.
When purchasing a cottage, you need a minimum down payment of 25% of the purchase price of the cottage. You cannot use the Home Buyers’ Plan to fund a cottage mortgage, which means you’ll need to tap into your other savings or the equity of your home.
Buying a cottage can provide joy and relaxation for your family for years to come, but there are many things to think about before going out and buying your slice of paradise. Here are things you should consider:
What types of activities are you looking for?
How will you get to the cottage?
Where do you want to purchase?
What are your options for water and electricity?
Cottages have different expenses than a residential home. A water-accessible cottage means you’ll need to buy and maintain a boat. Consider the cost of gas to travel to your cottage as well as any additional costs for drilling a well or pumping water from the lake or keeping the cottage heated over the winter.
You may also consider renting a cottage in your chosen region to get a sense of what to expect if you decided to buy your own.
Before cottage-hunting, it’s important to first get pre-approved for a mortgage. This will confirm the maximum mortgage you can afford so you can keep your search within your price range. And it will also make you a more attractive buyer since your financing has been pre-approved with a financial institution.
The Cambrian Variable Closed Mortgage typically has a lower interest rate than the Variable Open Mortgage.
The Cambrian Variable Closed Mortgage has a 5-year term and can be paid out prior to maturity, however a 3-month interest penalty will apply.
The Cambrian Variable Open Mortgage has no specific term and can be paid out at any time without penalty.
Both the Variable Closed and the Variable Open have a variable rate that can fluctuate up or down throughout the life of the mortgage.
Yes, you can sign up for alerts when interest rates change.
1. Login to Online Banking
2. Select your name in the top right menu and click "Profile & Settings"
3. Under "Alerts" click the arrow beside "Rate Changes"
4. Turn on the alert by selecting the email you want to receive it to then selecting the rate alerts you wish to receive below. You can also turn off alerts by unselecting them.
Yes, you can sign up for alerts when interest rates change.
1. Login to Online Banking
2. Select your name in the top right menu and click "Profile & Settings"
3. Under "Alerts" click the arrow beside "Rate Changes"
4. Turn on the alert by selecting the email you want to receive it to then selecting the rate alerts you wish to receive below. You can also turn off alerts by unselecting them.
Cambrian can finance cottages in Manitoba and Northwest Ontario. Contact us to review the details of the property you would like us to mortgage.
It takes less than 15 minutes to apply online.
You can also book a meeting online to meet with an advisor via
