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 and recent stricter requirements for owning a second home or vacation property mean that these mortgages can be a bit trickier to finance (especially those properties with poor access or 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 property may be a viable option to consider.

Second properties are broken into two categories:

Second Homes

  • Single-family dwellings only, with the specifications of a typical home residence
  • Must have year-round access and be suitable for year-round use (indoor heating and fully-serviced water supply)
  • Occupied by the owners for a portion of the year, or by a family member to live in rent free
  • High ratio (insured) financing may be available through Sagen and Canada Guaranty
  • Conventional mortgages (at least 20% down) follow regular application policy
  • Other restrictions may apply, such as price ceilings

Recreational and Vacation Properties

  • Quality properties with year-round road access
  • Residential-standard water and septic system, electrical and heating
  • Used for recreational purposes
  • As a second property, other restrictions may apply

Note: Properties with only seasonal access that aren't winterized or don't receive year-round plumbing may be subject to further restrictions.

Secondary homes are available for purchase and refinance, and vacation homes are available for purchase only. We can assess your situation and provide factual information to outline your process and solutions so that you can make a clear 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 may 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 can see changes, 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.

Start a chat with Morgan, our mortgage bot, call or email us, or apply online now for fast, friendly mortgage service.

We love helping our clients. And it shows.