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Information alone is not enough. A professional mortgage broker has something far more valuable: years of experience and your needs in mind. They put the information in context, they anticipate the variables and find the best loan for you. This is the kind of help you don't want to be without.

Vacation Homes

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 Mortgages.ca’s representatives to discuss your options, and get one step closer to owning your dream vacation home.

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James Harrison, President

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