Vacation Homes

There is an increasing trend of Canadians investing in vacation properties for various reasons such as relaxation, wealth-building, and creating family moments. These properties are now more accessible with mortgages offering low rates, even for non-winterized or remote locations. Whether it is a lake cottage or a college housing option, there are suitable mortgage options available. However, lending criteria for second or third homes differ from primary residences. While some vacation and secondary homes qualify for a minimum down payment of 5% or 10%, others require 20% or higher. Furthermore, different types of cottages have different down payment requirements and interest rates. The mortgage options also vary depending on whether the property is categorized as year-round accessible or seasonal. To accommodate down payments, there are options such as mortgage refinancing, a Home Equity Line of Credit (HELOC), or a reverse mortgage. Canadians can take advantage of innovative tools in Canada to streamline processes and ensure accuracy. For complete information and a quick mortgage pre-approval process, individuals can reach out for assistance.

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