Vacation and Second Home Mortgages
Looking to expand your horizons? Pankaj Aggarwal makes securing your mortgage in Ontario easy and hassle-free.
Eyeing a Vacation Property or Second Home in the GTA?
We’ve got the mortgage for that.
Life’s moving quickly, and as your family grows, your needs evolve too — maybe you need more space for your kids or a second home closer to work to simplify that long commute. Whether you’re looking for a vacation property in the GTA or a seasonal retreat for winter or summer getaways, finding the right mortgage fit at the best rate can make all the difference.
As one of the top 1% mortgage brokers in the GTA, I’m Pankaj Aggarwal, and I’m here to help you secure the perfect mortgage for your needs. Let’s work together to find the best rates and make your dream second home or vacation getaway a reality.
Know the Requirements and Get Expert Advice from Pankaj Aggarwal
Current regulations for owning a second home or vacation property can make these mortgages a bit trickier to finance — especially if the property has limited access or only seasonal services.
That doesn’t mean a great solution or a lower rate is out of reach.
Some lenders offer high-ratio mortgage options with as little as 5% down, depending on the property type you’re interested in. Other situations may require a higher down payment — 20% or more, depending on the property’s purpose, type, and accessibility throughout the year.
Refinancing your current home to access cash for a second (or vacation) property may also be an option worth considering.
Second Properties Fall Into These Categories:
Second Homes
- Single-family dwellings with the specifications of a typical home
- Year-round access, fully serviced, with indoor heating and water supply
- Occupied by the owner or a family member for a significant portion of the year
- High-ratio (insured) financing may be available (home price ceilings apply)
- Conventional mortgages (at least 20% down) may be required
- Other restrictions or conditions may apply
Recreational and Vacation Properties
- Typically, quality properties with year-round road access
- Seasonal-access properties (non-winterized and no year-round plumbing) may face restrictions
- Residential-standard electrical, heating, and water systems may be required
- Recreational zoning, used for leisure, not primarily for living
- Additional restrictions may apply, such as owning multiple properties
As a Top 1% Mortgage Broker in the GTA, Pankaj Aggarwal and my team of experts can assess your unique situation (in your preferred language) and guide you through the process. We’ll help you explore lender and rate options to make the best decision.
Resort Properties with Rental Pools
Few lenders consider applications for resort properties (typically condos) with rental pools, and these are generally treated on an exception basis with a maximum LTV (loan-to-value) of 65%.
Please note that timeshares usually don’t qualify for mortgage financing; check with your broker for available options, as financing rules can change.
Want to Buy an Airbnb?
If you’re looking to buy an investment getaway, we’ve got the mortgage and lender information you need to make it happen.
Our Lower Rates Help You Save More
A lower rate can make all the difference in affording a second home or vacation property. With my team’s expert service, we’ll check with accredited lenders and pass along volume discounts to get you the best rate for your situation.
The landscape for vacation and second-home lending is evolving, so it’s always worth checking with me, Pankaj Aggarwal, a Top 1% Mortgage Broker in the GTA, to see what options are available for your desired property.
Start a chat with our mortgage bot, give us a call, email us, or apply online now for fast, friendly mortgage service.
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