Services / Home Equity & Alternative / Vacation Homes
From a cottage in Muskoka to a condo closer to family, financing a second home comes with its own rules. Access, heating, water and how you'll use the property all matter. We help you find lenders who understand recreational properties.
Vacation Homes at a glance
Guide
Down payment
Property type
Rental use
Equity
*Depends on your situation, the property and lender or program rules.
Clear communication at every step, so you always know what's happening next.
We look at access, heating, water and septic details.
We decide on down payment sources and the best mortgage type.
We find lenders comfortable with the property type.
We coordinate inspections, appraisal and closing.
A few key points we'll walk through with you before you make any decisions.
Four-season homes with year-round road access and permanent heat qualify more easily. Seasonal properties may need a larger down payment.
If you plan to rent it out regularly, lenders may treat it as an investment property, which can change the requirements.
Lenders often ask for well water tests and septic inspections. Plan these into your conditions.
Don’t see your question here? Give us a call — we’re happy to talk it through.
Possibly. Some four-season second homes qualify for insured financing with a smaller down payment. Seasonal properties usually need more.
Yes. Many clients use a HELOC or refinance on their main home to fund the cottage down payment.
Sometimes. Some lenders will consider rental history. We'll find the best fit for your plans.
This page is for general information only and isn’t financial advice. Mortgage rules, program limits and lender requirements change and depend on your situation; all financing is subject to lender approval. Koru Financial Group Inc. — FSRA Brokerage #12726.