Vacation Home Mortgage

Vacation Home Mortgages

Whether you’re imagining a lakeside cottage in Muskoka or rustic ski chalet, vacation homes can be the source of a lifetime of wonderful memories, in addition to acting as valuable financial assets.

Whatever your budget, the dream of owning a second home is within reach, with second mortgage financing options that feature as little as 5% down payment.

Vacation homes can fall into two possible categories:

Secondary Homes (Type A)

This category covers second homes, as well as cottages and other properties with year-round access, a permanent foundation, drinkable water and winterized facilities with a permanent heat source.

  • Purchase transactions: 95% LTV
  • Refinance transactions: 80% LTV
  • Amortizations up to 35 Years

Vacation Homes (Type B)

This category includes cottages and other properties with seasonal access, or access only by boat. These types of properties are more rustic, less marketable and are often left unattended during off-season periods. These increased risks result in more conservative borrowing policies.

  • Purchase transactions: 90% LTV
  • Amortizations up to 25 Years

The basic requirement for the second home program is that the property must be used by you and/or members of your family, which means you can’t rent the home to paying guests. A rental property does not qualify as a second home, and therefore the requirements for financing this kind of property are different.

There are countless reasons why you could benefit from owning a vacation home: It could be a property for your future retirement; a home for aging parents; a second property closer to your office to reduce your weekly commute; or a home for a child attending school in a different city.

There are several mortgage options available for financing your vacation home. You could use the equity in your primary home, apply for a new mortgage for the vacation home, or take out a secured line of credit or second mortgage on your primary home. You can choose the payment schedule and amortization period that is right for your financial needs. Contact one of’s representatives to discuss your options, and get one step closer to owning your dream vacation home.

"I was very pleased with the professionalism I received from James and at The rate I received from was more competitive than other rates I received online. I also appreciate very much that James followed up with me after the fact to ensure that everything ran smoothly. I would recommend James and


− Karen C


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