Vacation Homes

The number of Canadians investing in vacation properties is on the rise. Many individuals are choosing to invest in getaway homes for the purpose of relaxation, wealth-building, and creating lasting family moments. Fortunately, there are accessible mortgages available with low rates specifically designed for vacation properties, including those in non-winterized or remote locations. Whether you are looking for a lake cottage or a housing option for college, there are various mortgage options to fit your specific needs. However, it is important to note that lending criteria differ for second or third homes compared to primary residences. The down payment requirements also vary depending on the type of vacation or secondary home, ranging from a minimum of 5% or 10% to 20% or higher. Different types of cottages may also have different down payment requirements and receive higher rates. It is crucial to consider the property type, categorizing it as year-round accessible or seasonal, when exploring mortgage options. Down payments can be incorporated through mortgage refinancing, a HELOC (Home Equity Line of Credit), or a reverse mortgage. Thankfully, Canada offers innovative tools to streamline processes and ensure accuracy throughout the mortgage journey. For more information and a speedy mortgage pre-approval process, simply reach out for complete assistance.

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