Vacation Homes

A growing number of Canadians are choosing to invest in vacation properties for various purposes, such as relaxation, wealth-building, and creating lasting family moments. With accessible mortgages offering low rates, even for non-winterized or remote locations, it is easier than ever to make this investment. Whether you are looking for a lake cottage or a college housing option, there is a mortgage option that suits your needs. However, it is important to note that different lending criteria apply to second or third homes compared to primary residences. While some vacation and secondary homes may require a minimum of 5% or 10% down payment, others may require 20% or higher depending on their classification. Additionally, different types of cottages have different requirements, with certain types requiring a higher down payment and receiving higher rates. Mortgage options also depend on whether the property is categorized as year-round accessible or seasonal. If needed, down payments can be incorporated through mortgage refinancing, a Home Equity Line of Credit (HELOC), or a reverse mortgage. Take advantage of the innovative tools available in Canada for a streamlined and accurate mortgage process. For more information and a quick mortgage pre-approval process, reach out for complete details.

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