Vacation Home Mortgage

The Vacation Home Mortgage offers you a simple and affordable way to finance a second property.

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We recommend the Vacation Home Mortgage if:

• You need a place to get away — either for year-round or weekend getaways.
• You want a vacation property that's affordable so you can really enjoy it.
• You're considering a winterized property (Type A) or a seasonal property (Type B).

Type A	Type B
These second homes are the same as standard residential properties in terms of the quality of construction and material. These are winterized and can be used year round. These properties generally meet standard residential lending requirements.	Type B properties are properties that meet Type A property requirements with the following exceptions: A standard heating system is not required. The cottage is located on seasonal road access. (i.e. A road that isn’t ploughed in the winter).

Two Big Advantages:

Get Your Vacation Home — Faster!

• We offer competitive rates, simple terms and allow you to amortize over standard periods — making regular payments more affordable.
• There's no need to wait until you’ve saved a large down payment. Financing is available for up to 95% (for purchases) on type 'A' properties and 90% (for purchases) on type 'B' properties.

Flexibility

• We can finance both Type A and Type B properties.
• Financing available for both residential and investment properties.

Things You Need to Know

• Our fixed interest rate quotes are guaranteed for 90 days from date of application or pre-approval for resale homes and 120 days for new construction homes.
• Vacation Home Mortgages financed for over 75% of the appraised value will require high ratio insurance.

 

Ask the Experts

Call us today at 1.866.592.2226 to set up a mortgage appointment, or better yet, stop worrying, head for your branch and get a Meridian mortgage expert working for you!