YOUR QUESTIONS / 4 ANSWERS
Second Homes & Vacation Properties
Practical answers to help you prepare for a conversation about your mortgage.
Can I get a mortgage for a second home?
Yes, depending on the intended use, property type, location and your ability to carry both properties. Some second-home programs differ from rental-property programs.
Can I buy a cottage with a mortgage?
Potentially. Financing depends on whether the property is year-round or seasonal, road access, water and septic systems, heating, condition, zoning and marketability.
Can I rent out my second home sometimes?
Possibly, but the intended occupancy and rental use can affect the lender and mortgage program. Short-term rental properties can face additional restrictions.
Can I use home equity for the down payment on a second property?
Yes, if you qualify and have sufficient accessible equity. The payment on the new borrowing will be included when assessing your overall qualification.
General information, not an approval, rate offer or personal legal or tax advice. Mortgage options depend on the lender, insurer, property and application. Government programs and lender requirements can change.
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