Vacation and Second Home Mortgages

If you're thinking of expanding your horizons, we make the mortgage part pretty simple.

Eyeing that vacation property or second home? We have a mortgage for that.

Your life keeps getting busier. And as your family grows, your needs are changing fast (more space for you or the kids?).

Whether you're thinking of a second home closer to work to reduce that weekly commute or a winter or summer getaway for a change of scenery, finding the right mortgage fit at the best rate can make the difference — and help make it happen.

Our expert brokers will take weeks off the process and save you thousands, all with a smile.

Are you buying your next home to live in? That's a different mortgage process. Read more info here.

Know the requirements and get spot-on advice.

Current regulations for owning a second home or vacation property mean that these mortgages can be a bit trickier to finance (especially those properties with poorer access or seasonal-specific services).

That doesn't mean that a great solution or lower rate is out of reach.

Some lenders provide high-ratio mortgage options for as little as 5% down, depending on the type of property that has captured your interest. Other situations may require higher down payments — 20% or more, depending on the purpose, type of property, and access during the year.

Or, refinancing your current home to take out cash for a second (or vacation ) property may be a viable option to consider.

Second properties fall into these categories:

Second Homes

Single-family dwellings only, with the specifications of a typical home residence
Year-round access and suitable for year-round use (indoor heating and fully serviced water supply)
Occupied by the owners for a significant portion of the year or by a family member to live in rent-free
High ratio (insured) financing may be available (home-price ceilings apply)
Conventional mortgages (at least 20% down) may be required
Other restrictions or conditions may apply

Recreational and Vacation Properties

Typically, 'quality' properties with year-round road access
Properties with only seasonal access (not winterized and without year-round plumbing) may be subject to further restrictions
Residential-standard electrical, heating, and water and septic systems may be required
Recreational zoning or used for recreational purposes (not occupied by the owner for large portions of the year)
Other restrictions may apply, for example, if you already own a second property

Our expert True North brokers can assess your details (in your preferred language) and outline your process and lender and rate options to help you make a clearer decision.

Resort Properties with Rental Pools

Very few lenders will consider applications for resort properties (typically condos), including those that may have rental pools. These property types are usually taken on an exception basis and only up to an LTV (loan-to-value) of 65% or less.

Please note that timeshares usually aren't accepted for mortgage financing; please ask your broker to check around, as available financing options can change.

Want to buy your Airbnb? Here's important mortgage and lender info about buying your investment getaway.

Our lower rates help you save more.

A lower rate can mean the difference in affording a second home or vacation property. With friendly, expert service, we check with accredited lenders — and then pass along our volume discount to get your best rate for your situation.

The vacation and second home lending space is changing, so it's always worth your while to check with a True North broker on what may be available for the property you're interested in.