Vacation Homes

An increasing number of Canadians are choosing to invest in vacation properties for a variety of reasons. These properties can serve as a getaway home for relaxation, an opportunity for wealth-building, and a place to create special family moments. The good news is that there are accessible mortgages with low rates available for vacation properties, regardless of whether they are winterized or located in remote areas. 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 only require a minimum of 5% or 10% down payment, certain categories of these properties will necessitate a down payment of 20% or higher. They are classified differently and receive different treatment from lenders. Additionally, there are different requirements and rates for different types of cottages, with some types requiring a higher down payment. Mortgage options are based on the property type, which can be categorized as year-round accessible or seasonal. Down payments for vacation properties can be incorporated through mortgage refinancing, a Home Equity Line of Credit (HELOC), or a reverse mortgage. Luckily, there are innovative tools available in Canada that streamline the mortgage process and help ensure accuracy. For more information and a quick mortgage pre-approval process, reach out today.

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