Mortgage solution
Second home mortgage
A second property is financed on how you use it and how easily you get to it. Owning a home already is not the issue.
Cottage, family place or a bit of both
Can you get there in winter? How is it heated, where does the water come from, how far are the services? Those answers narrow the lender list. A four-season cottage on a plowed road is a different file from a camp you can only reach in summer.
The budget beyond the payment
Taxes, insurance, heating, the drive, repairs: it can add up to more than on your main home. Mathieu checks what you can carry without squeezing everything else.
Renting it out now and then
Once you rent it part of the year, the picture changes. The lender has to know what you declare, and short-term rental income almost never gets credited toward qualifying.
Documents to gather
What the lender will ask for.
- How you’ll use it
- Type of property
- Access and services
- Rental income, if any
- Yearly costs
- Down payment
Frequently asked
How much down payment for a second home?
It depends on the use. A place you live in for part of the year can qualify with less down than a pure rental, which generally needs 20% or more. And year-round access often counts for more than the price.
Current rates
Today’s rates, with the fine print.
These rates are indicative. Yours depends on your file, the type of mortgage (insured or not) and the lender. And look at the penalty too, it matters as much as the number.
Have your file reviewed before you commit.
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Pick the situation closest to yours.
Contact
Tell Mathieu about your project
Buying, renewing, refinancing, or something a bit out of the ordinary: tell us where you’re at, even if it’s still fuzzy. Mathieu gets back to you with next steps and the documents to pull together.
- Your request goes directly to Mathieu
- Across Quebec, in French and English
- No fee on most residential files