Property type
Mortgage renewal on a second home or cottage
Quick answer
Second homes qualify for owner-occupied pricing at most A-lenders as long as it's used by family, not rented out. Rates typically match your primary residence. If it's year-round, road-access, and habitable, no rate premium applies — recreational-only properties price 0.10–0.25% higher.
What makes this different
- Seasonal-access cottages (water/ice road only) qualify at fewer lenders and price higher.
- Some lenders don't allow HELOCs on non-primary properties.
- Insurance and property tax proof requirements are stricter at renewal-switch than a straight renewal.
How to approach your renewal
For fully winterized, year-round-access properties: shop it like a primary. Rates should be identical.
For seasonal cottages: your existing lender is often the cheapest option because they don't have to re-qualify the property. Straight renewal, no property review.
Want Jay Klair to run your numbers for this situation?
Free, no-obligation review from a FSRA-licensed mortgage agent.
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Jay Klair, Mortgage Agent Level 2 (M09000869) — Real Mortgage Associates, FSRA #10464, part of the DLGC Group of Companies · 5675 Whittle Rd, Suite 100, Mississauga, ON L4Z 3P8