Vacation Homes

An increasing number of Canadians are choosing to invest in vacation properties for the purpose of relaxation, wealth-building, and creating cherished family memories. These individuals can take advantage of accessible mortgages with low rates, even for properties in non-winterized or remote locations. Whether they are interested in purchasing a lake cottage or a housing option for their college-aged children, Canadians have the ability to find the best mortgage option to suit their needs. It is important to note that second or third homes have different lending criteria compared to primary residences. While some vacation and secondary homes may only require a minimum down payment of 5% or 10%, others may require 20% or higher. These properties are classified differently and receive separate treatment from lenders. Additionally, the requirements and rates vary depending on the type of cottage, with certain types requiring a higher down payment and receiving higher rates. The availability of mortgage options is also contingent on whether the property is categorized as year-round accessible or seasonal. Furthermore, individuals have the option to incorporate their down payments through mortgage refinancing, home equity lines of credit (HELOC), or reverse mortgages. Canadians looking to take advantage of these opportunities can utilize innovative tools available in Canada to streamline the mortgage process and ensure accuracy. For more information and a quick mortgage pre-approval process, it is recommended to reach out for complete details.

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