Vacation Homes

The number of Canadians investing in vacation properties is on the rise. These properties provide an opportunity for relaxation, wealth-building, and family moments. Even non-winterized or remote locations can be financed with accessible mortgages that offer low rates. Whether you're looking for a lake cottage or a housing option near a college, there are various mortgage options available to suit different purposes. Second or third homes have different lending criteria compared to primary residences. Depending on the type of vacation or secondary home, the down payment requirement can be as low as 5% or as high as 20%. Different types of cottages also have specific requirements, with some needing a higher down payment and receiving higher rates. Mortgage options depend on whether the property is accessible year-round or seasonal. Down payments can be incorporated through mortgage refinancing, a home equity line of credit (HELOC), or even a reverse mortgage. Canada offers innovative tools to streamline the mortgage process and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out to us.

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