Vacation and Second Home Mortgages

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 cottage at the lake for a change of scenery, finding the right mortgage fit at the best rate can make the difference — and help make it happen.

At True North Mortgage, our expert, friendly brokers are here to do just that, for a simple and stress-free second-mortgage experience.

We'll take weeks off the process and save you thousands, all with a smile.

We know the requirements, and can provide 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 add a second property to your mortgage may also 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 financing (as little as 5% down) 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 the factual information to outline the process and solutions, so that you can make a clear decision.

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.

Start an online chat, call us today, or apply online now for fast, friendly mortgage service.