Vacation Homes

An increasing number of Canadians are choosing to invest in vacation properties for various reasons such as relaxation, wealth-building, and quality family time. These properties, even if they are non-winterized or located in remote areas, can be financed through accessible mortgages with low interest rates. Whether you are interested in purchasing a lake cottage or a housing option for college, there are different lending criteria for second or third homes compared to primary residences. The down payment requirements for vacation and secondary homes vary depending on their categorization, with some properties qualifying for a minimum of 5% or 10% down payment, while others require 20% or more. The type of cottage also affects mortgage options and rates, with certain categories necessitating higher down payments. To facilitate the down payment process, options such as mortgage refinancing, HELOC, or reverse mortgage can be considered. Additionally, innovative tools are available in Canada to streamline the mortgage application process and ensure accuracy. For comprehensive information and a quick mortgage pre-approval, reach out today.

Get in Touch

First time buyer or refinancing? Call for a free quote!

Apply Now

We shop for the best mortgage option at no charge to you.

© 2023 All rights reserved.