Meridian Credit Union



Vacation Home Mortgage

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

Click here to see our Mortgage Rates

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!