Vacation Homes

An increasing number of Canadians are choosing to invest in vacation properties for various reasons such as relaxation, wealth-building, and family moments. Moreover, accessing mortgages with low rates for vacation properties, even in non-winterized or remote locations, has become easier. Individuals can find the best mortgage options for different purposes like a lake cottage or a college housing option. It is important to note that lending criteria for second or third homes differ from primary residences. While some vacation and secondary homes may require a minimum down payment of 5% or 10%, certain categories of properties will require 20% or higher. These properties are categorized differently and receive different treatment from lenders. Additionally, mortgage options are dependent on the type of property, specifically whether it is year-round accessible or seasonal. Down payments can be incorporated through mortgage refinancing, Home Equity Line of Credit (HELOC), or reverse mortgage. Canada offers innovative tools to streamline processes and ensure accuracy in the mortgage process. For complete information and a quick mortgage pre-approval process, individuals are encouraged to reach out for assistance.

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