Cottage/Vacation Homes

Now's the time to invest in your dream.

Financing a vacation property may be easier than you think! Having your very own “getaway” is attainable for anyone who wants a place to get away from it all. Plus, owning a vacation property can dramatically reduce the cost of vacations, bring your family closer together, be a good financial investment, and in some cases even generate rental income!

Please Note: Buying a vacation property for the purpose of renting it out comes with different qualifying criteria and mortgage product options than traditional vacation home purchases. It is important to determine before purchase what the purpose of your vacation home will be to ensure you have the correct information and can accurately determine your costs.

To buy a vacation property for owner-use, you are required to put a minimum down payment of 5% of the purchase price, as well as purchasing appropriate insurance and accounting for those premiums in the same way as a regular home purchase.

The purchase of a vacation home can be done through refinancing your mortgage to incorporate a down payment for the second property, which will require its own mortgage. Or utilize a Home Equity Line of Credit (HELOC) to borrow money using the equity in your property as collateral for the down payment on your new vacation home.

Purchasing a vacation property is a great opportunity, both for your investment portfolio and life!