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Buying a Second Home

Buy a cottage by leveraging the net value of your home!

You’ve been wanting this for a long time: country life at the cottage is calling you! Your primary residence has increased in value, and your mortgage is well on its way to being paid off. Why not take advantage? Your first day at the cottage may be sooner than you think!

The net value of your property might allow you to get a second mortgage, financed on your first one. Who’s going to find you the best rates and conditions for this type of mortgage? 

Don’t assume we’ve got the best to offer hand. We encourage you to compare all the products out there; you have nothing to lose. Just make sure to keep us on your list of options.

Get your perfect mortgage remotely

Four ways to finance your cottage based on the net value of your property

Finance a down payment

You can use your home equity to make a down payment for a second mortgage on a cottage. Often, you can get better rates on a second mortgage.

Buy outright

If the net value of your property is high enough, you can remortgage your first home and use the money to buy a cottage. This solution is best for situations when the cottage you are buying is in an area not covered by lenders.

Partial financing with a home equity line of credit

You can use the net value of your property to get a home equity line of credit for a down payment on a cottage, then get a second mortgage for the balance.

Full financing with a home equity line of credit

If the net value of your property is high enough, you can use your equity to open a home equity line of credit to pay off your cottage, then pay back the line of credit according to the terms you negotiate. This gives you more flexibility for repayment than other options.

To get a clearer picture of the possibilities, talk to a Multi-Prêts broker. They can help you figure out what solution works best in your favour, find out the net value of your primary residence and calculate your repayment capacity.

Because the perfect home needs the perfect insurance.

Buying a Second Home

Guylaine Parent

Mortgage Broker


Here’s all the help you need to refinance!