Vacation Homes

The number of Canadians investing in vacation properties is on the rise. These properties offer a range of benefits, including relaxation, potential wealth-building, and the opportunity to create lasting family memories. Fortunately, mortgages with low rates are readily available for vacation properties, even those that are not winterized or located in remote areas. Whether you're looking for a lake cottage or a housing option for college, there are mortgage options to suit your needs. It's important to note that lending criteria for second or third homes differ from those for primary residences. Some vacation and secondary homes may require a minimum down payment of 5% or 10%, while others may require 20% or higher. Different types of cottages also have varying down payment requirements and receive different treatment from lenders. Mortgage options depend on whether the property is year-round accessible or seasonal. Down payments can be incorporated through mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. Fortunately, Canada offers innovative tools that streamline the process and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out today.

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