Second Homes

Introducing our new Second Homes product

Make your clients dreams a reality

The Dream Cottage
Investment Property
Home for a child away at school

No matter what the situation, we can help you find the best mortgage solution.

Rate sheet (download PDF)

Download our rate sheet
BC, AB, SK, MB, ON, NB, PEI, NS, NF

Lending guidelines

Alt-A Program

Rentals up to 80% LTV on the first $1.5M and 50% on the remainder in large markets. Consideration may be provided to Rentals in small markets that are within close proximity to a large market

Max 30 Year amortization

Max 55 GDS/55 TDS

Purchase and Refinance eligibility

Non-Subject 80% offset

Add back subject rentals (80%)

Max $500K Rental Income

Airbnb for Non-subject Income can be used to qualify with 2 years history

We do not finance Airbnb property

Min 30K population. Consideration may be provided to locations that do not meet population requirements, but are in close proximity of a large market

Alternative lending guidelines
Loan purpose	Purchase and Refinance
Maximum LTV	80% LTV
Property types	Single family detached (minimum 800 square feet) Semi-detached (minimum 800 square feet) Condominium or apartment (minimum 500 square feet) Recreational properties
Lending areas	Lending areas within 50 km of a large urban population centre (communities with populations > 50,000)
Minimum beacon score	600 Beacon
Terms	1, 2 and 3 year fixed rate (up to 30 year amortization) 5 year variable (up to 25 year amortization)
Minimum loan amount	$100,000 $75,000 in Atlantic Canada
Maximum loan amount	$750,000
Qualifications	The greater of the mortgage contract rate plus 2% or the 5 year benchmark rate
Down payment	Minimum 20% for purchases Consideration given to gifted down payments
Notes	Home occupied by an immediate family member or intended use of the borrower is for 50% year round occupancy 25 year economic remaining life on property Statutory declaration to be signed at the solicitors
Prepayments	Early payouts permitted (may be subject to charges) Opportunity to make an annual payment up to 20% of original mortgage amount, double-up payments or increase monthly payment up to 20% at any time Prepayment charge is calculated as the greater of 3 months interest or the interest rate differential (using CWB posted rate, not bond rate) plus 1% of the mortgage balance Mortgage is portable based on client and property qualification Blend & extend options available
Consideration given to	Discharge and bankruptcies with 12 months re-established credit Applications demonstrating orderly payment of debts
Outside our lending guidelines	BEACON/FICO scores less than 500 Unique properties Previous grow-ops Rent-to-own contracts Farms Mobile homes and/or manufactured homes Rental pools Cooperative housing Indigenous reserve land

Quick tools

Product Booklets

Use our booklets for an overview of all products and our lending guidelines

Calculators

Use our calculators to help your clients better understand their mortgage options

Forms

Use our forms to share your clients’ whole story with our underwriters