Dreaming of spending summer weekends at the cottage, or looking for a place downtown for when you have to work late? We have advice and mortgage solutions to help you buy your second home.
"Wherever you feel at home, you are at home."
- Tibetan proverb
If your second home can be used year-round, you can get financing1 for up to 95%2 of its value. If it's a seasonal cottage, you can get financing up to 90%3 of the property's value. You can choose a fixed, variable or reduced rate on your mortgage loan, and your amortization period can be up to 25 years. Accelerated repayment options are available.
No matter which options you choose, don't forget to take out loan or line of credit insurance to protect your investment in the event of disability, critical illness or death.
You'll only need to pay interest and insurance premiums each month, and can repay the principal at your convenience. You'll also be able to access all amounts repaid as credit.
Over time, your primary residence has almost certainly increased in value. By refinancing your home, you could free up funds for a down payment on a second home, or even buy it outright.
Our mortgage advisors will help find the right financing solution for you and guide you through the process, from pre-approval to purchase. They'll even come meet you at a time and place that's convenient for you.
TM All-In-One is a trademark of National Bank of Canada.
1. These solutions are subject to credit approval by National Bank.
2. Loans exceeding 80% of the property value must be insured by the Canada Mortgage and Housing Corporation (CMHC).
3. Loans exceeding 65% of the property value must be insured by Genworth.
4. Maximum amount allowed based on credit file.
5. The prime rate means the annual variable interest rate posted by National Bank, from time to time, and used by the Bank to determine the interest rates on the demand loans it grants in Canadian dollars in Canada.
6. Subject to credit approval by National Bank of Canada. Certain conditions apply.
7. Certain conditions apply.