Vacation Homes

The number of Canadians investing in vacation properties is on the rise. These properties offer benefits such as relaxation, wealth-building, and quality family time. Even non-winterized or remote locations can be made accessible with the help of mortgages that offer low rates for vacation properties. Whether you're looking for a lake cottage or a housing option for college, there are mortgage options available to suit various purposes. It's important to note that secondary homes have different lending criteria compared to primary residences. Depending on the type of vacation property, the down payment requirements may vary, with some properties qualifying for as little as 5% or 10% down payment while others may require 20% or more. Different types of cottages also have different down payment requirements and receive varying interest rates. The mortgage options available depend on whether the property is categorized as year-round accessible or seasonal. Down payments can be incorporated through mortgage refinancing, home equity lines of credit (HELOC), or even reverse mortgages. Canada offers innovative tools that streamline the mortgage process and ensure accuracy. For complete information and a quick mortgage pre-approval process, reach out to us.

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