Buying a Vacation Property
Dreaming about buying a vacation property? Whether you want a cottage on a lake or a getaway in the mountains, BMO® Bank of Montreal can help you determine what you can afford and provide a home financing solution that will help you realize your dreams for a perfect getaway.
How to finance a vacation property
When it comes to financing your vacation property, there are many factors the bank has to consider. A few factors that will determine if the vacation property can be mortgaged are:
- The vacation property has to be in Canada.
- The vacation property has to follow our standard house guidelines.
- The property has to be a readily marketable residential home.
- The vacation property has to be accessible throughout the year.
Once we determine that the property follows our guidelines, the next step is to qualify you for the mortgage. When you are purchasing a vacation property, we follow the same rules as purchasing another home. See Buying my Next Home for more information and requirements.
Our team uses out-of-the-box thinking to help you qualify. You may be in a position to use the equity in your current home to help you purchase a vacation home. See Accessing My Home Equity for more information and requirements.
Let us show you how we can make your dream come true.