Vacation/Secondary Home

Insured, Conventional and Alternative Mortgages

Many Canadians aspire to own a second property or a vacation home. The right mortgage solution can help your clients accomplish this goal.

Solutions

B2B Bank’s mortgage products for vacation or secondary homes could position your clients with the right solution to help acquire that dream vacation home.

  Insured Conventional Alternative Conforming Alternative Non-Conforming
Property type Second homes/vacation homes owner occupied 1 unit Second homes 1 – 2 units
Vacation homes 1 unit
Second homes 1 – 2 units Second homes 1 – 2 units
Loan amounts $50,000 – $1,000,000 $50,000 – $300,000 $75,000 – $500,000 $75,000 – $500,000
LTV1 Up to 90% purchase Up to 80% refinance and 
purchase
Up to 65% Up to 65%
Max. amortization1 25 years 25 years 25 years 25 years
Min. credit score1 600 620 540 500
Max. GDS/TDS1 < 680 = 35%/42%
≥ 680 = 39%/44%
< 680 = 35%/42%
≥ 680 = 39%/44%
39%/44% < 680 = 55%/55%
≥ 680 = 55%/55%
Lender fees N/A N/A

Lender fee may apply for lower beacon scores  

Lender fee will be the greater of $750 or 1%  

1% for GDS/TDS above 39%/45% 
Lender fee may apply for lower beacon scores with GDS/TDS below 39%/45% 
Lender fee will be the greater of $750 or 1%   

Note: Vacation & secondary home mortgages may have rate premiums applied


Value-added features and options

 Pre-payment privileges2:

  • Increase payments by up to 15% once per calendar year2,*
  • Pre-pay up to 15% of original principal once per calendar year
  • Look Back Rate Guarantee: Purchase – 120 days, refinance – 60 days
  • Portability


Resources


Debt service flexibilities, LTVs offered and amortization options are based on the assessment of the strength of the application. Satisfying the minimum credit score requirement alone does not automatically entitle the borrower to maximum LTV and amortization options or debt service flexibilities. Some parameters, such as LTV, may differ for AB, SK and NL.

The pre-payment privilege is non-cumulative and is available after the first anniversary of the mortgage. Additional conditions to the pre-payment privilege may apply.

*Excludes variable rate mortgage products with variable payments.

All mortgages are funded by, registered in the name of, administered and serviced by B2B Bank. Debt service flexibilities are based on the overall assessment of the strength of the overall application. B2B Bank is a wholly-owned subsidiary of Laurentian Bank of Canada. B2B Bank acts solely in the capacity of lender and/or account administrator, and does not provide investment advice. Dealers, advisors and brokers, not B2B Bank, are responsible for determining the suitability of products and services for their clients and for informing them of any related risks. Any loan approval by B2B Bank should not be construed as an endorsement of any investment choice, program, or strategy. All loans are subject to credit approval and borrowed monies are due and payable regardless of the performance of the investments. B2B Bank products and services are only available through financial intermediaries. Satisfying the minimum credit score requirement alone does not automatically entitle the borrower to debt service flexibilities. All mortgages, loans and lines of credit are subject to credit approval. Any illustration or example provided are for illustrative purposes only.