Vacation Homes

An increasing number of Canadians are choosing to invest in vacation properties for various reasons, including relaxation, wealth-building, and family moments. These properties, even if they are non-winterized or located in remote areas, can be financed through accessible mortgages with low rates. Whether it's a lake cottage or a housing option for college, there are different mortgage options available to suit various purposes. However, it's important to note that lending criteria for second or third homes differ from primary residences. Down payment requirements also vary depending on the type of vacation or secondary home, with some properties qualifying for a minimum of 5% or 10% down payment, while others may require 20% or higher. Different types of cottages also have different requirements, with some necessitating a higher down payment and receiving higher interest rates. Mortgage options also depend on whether the property is categorized as year-round accessible or seasonal. Down payments can be incorporated through mortgage refinancing, HELOC, or reverse mortgage, and Canada offers innovative tools for streamlined processes and accuracy. For complete information and a quick mortgage pre-approval process, individuals are encouraged to reach out.

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