Your dream home away from home may be something you’ve wanted for many years.

It can be achieved with the help of iCare’s mortgage specialists. Whether it be waterfront or mountainside, let us help you find the perfect second home for you and your lifestyle.

The basics of vacation properties

The distinction between an investment property versus a vacation home is important in determining the type of mortgage you are eligible for. Vacation homes are considered as second homes, where the property is a certain distance from your primary residence. You may also be required to live at the property for a certain period of time every year.

Generally speaking, only 5% is required for a down payment on vacation properties. Typically, those that purchase these second homes already have a mortgage on their primary residences.

Expert advice is just a phone call away

Want to experience the iCare Service Advantage yourself? Let our mortgage specialists help you with a complimentary review of your insurance needs by contacting us at Info@iCareinsurance.ca or by calling us at 604-628-5177.

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MORTGAGES VACATION PROPERTIES TIP

If you do not live in your second property on a semi-regular basis, it will be considered an investment property, rather than a vacation property. This means that lenders may charge higher interest rates and require a larger down payment.

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