Vacation Homes

An increasing number of Canadians are choosing to invest in vacation properties as a means of relaxation, wealth-building, and creating memorable family moments. These individuals have access to mortgages with low interest rates specifically designed for vacation properties, including those that are non-winterized or located in remote areas. Whether one is looking for a lake cottage or a housing option for their college-aged children, there are various mortgage options available to suit different purposes. It's important to note that lending criteria differ for second or third homes compared to primary residences. While some vacation and secondary homes may qualify for a down payment as low as 5% or 10%, others may require 20% or higher. Each category of property is treated differently by lenders, with some types of cottages requiring a higher down payment and receiving higher rates. The specific mortgage options available depend on whether the property is categorized as year-round accessible or seasonal. Down payments can be incorporated into the mortgage through methods such as refinancing, a home equity line of credit (HELOC), or a reverse mortgage. Canadians can take advantage of innovative tools that streamline the mortgage application process and ensure accuracy. For more information and a quick mortgage pre-approval process, individuals are encouraged to reach out.

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