Canadian Vacation Home and Cottage Mortgages
Whether you’re looking to buy that lake side retreat or the chalet near the slopes, we offer great vacation property mortgage rates. Cottage and vacation home mortgage rates are identical to home mortgage rates. Vacation homes and cottages can be purchased with as little as 5% down. Your income must be able to support your principle residence mortgage and property taxes, your debt obligations such as car payments, credit cards and the mortgage and property tax payments on the vacation/cottage property.
Mortgage lenders usually look for the following requirements in vacation properties
• Year round access
• Municipal water
• Marketable locations (not remote properties)
• No island cottages
To see if you qualify for a vacation home mortgage in Canada, apply online today.