Vacation Homes

There is a growing trend of Canadians investing in vacation properties for various reasons such as relaxation, building wealth, and creating family memories. These properties are now more accessible thanks to mortgages with low rates, even for non-winterized or remote locations. Whether it is a lake cottage or a college housing option, there are different lending criteria for second or third homes compared to primary residences. The down payment requirements also vary depending on the type of vacation or secondary home, ranging from a minimum of 5% or 10% to 20% or higher. Different property types, such as year-round accessible or seasonal, have different mortgage options available. Additionally, down payments can be incorporated through mortgage refinancing, a Home Equity Line of Credit (HELOC), or a reverse mortgage. With innovative tools in Canada, the mortgage process can be streamlined for accuracy and efficiency. For complete information and a quick mortgage pre-approval process, reach out for assistance.

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