Guidance on seasonal versus year-round properties
Financing shaped around intended use
A budget that accounts for a second property
The property matters
Year-round access, heating, water supply, construction, zoning, and the property’s condition can affect lender eligibility. Seasonal and remote properties may require specialized financing.
Be clear about how you will use it
Personal use, family occupancy, and rental activity can lead to different lending criteria. Be open about your plans before choosing a mortgage product.
Consider the full cost of ownership
A second property brings taxes, insurance, maintenance, utilities, travel, and possibly rental management. Down payments and rates can differ from your primary home; obtain a property-specific review.
Your questions, answered.
Can I finance a seasonal cottage?
Possibly. Lender options depend on access, services, condition, and other characteristics. Higher down payments or rates may apply.
Can I use equity in my current home?
A refinance or HELOC may be an option if you qualify. Consider the costs and the effect on both properties and your household budget.