Vacation/Secondary Home

Owning a second property, or a vacation home, is a dream shared by many Canadians. A Vacation/Secondary Home mortgage from B2B Bank can help your clients turn their dream into reality.

Overview

Terms

  • Fixed terms of 6 months, 1 - 5 years, 7 and 10 years.
  • Open terms of 6 months and 1 year
  • Convertible term of 6 months

Eligible properties

  • 1 unit
  • New construction or existing property, move-in ready
  • Owner-occupied
  • Year round road access
  • On municipal water/sewage or well/septic
  • Must have permanent heating source
  • Acceptable lending location

Ineligible properties

  • Mobile homes
  • Log home
  • Historical or heritage homes
  • Converted properties
  • Boarding houses/rooming houses
  • Leased land
  • Rental pools
  • Condo hotels
  • Co-operative housing
  • Commercial/industrial properties
  • Agricultural properties

Payment Frequencies

  • Monthly, weekly, bi-weekly, accelerated weekly, accelerated bi-weekly

Pre-payment privileges

  • Increase payments by up to 15% once per calendar year¹
  • Pre-pay up to 15% of original principal once per calendar year

maximum amortization

  • Conventional: 35 years
  • High Ratio Insured: LTV > 80% – 25 years; LTV ≤ 80% – 35 years

Loan amounts

  • $50,000 - $300,000
  • Maximum equity withdrawal: up to $50,000

complementary solutions

  • Second Homes: Purchase, Refinance, Cash Back (Conventional only), Self Employed (fully verifiable)
  • Vacation Homes: Purchase

Exclusions

  • Second Homes: Business for Self (ALT. A); Family Plan
  • Vacation Homes: Homebuyer 95; Business for Self (ALT. A); Refinance; Cash Back; Family Plan

credit guidelines

  • Min credit score:
    Conventional
  • ≥ 620 - 75% LTV Purchase and Refinance
  • High Ratio Insured Fully Verifiable
  • 540-579 - 60% LTV Purchase and Refinance
  • 580-599 - 80% LTV Purchase and Refinance
  • ≥ 600 - 90% LTV Purchase; 80% LTV Refinance
  • Max GDS/TDS²: < 680 - 35%/42%
  • ≥ 680 - 39%/44%

value-added features,
options and Alternatives

  • Look Back Rate Guarantee
  • New Construction Extended Rate Guarantee
  • Switch/Transfer

¹This pre-payment privilege is non-cumulative and is available after the first anniversary of the mortgage. ²Debt service flexibilities are based on the overall assessment of the strength of the overall application. Satisfying the minimum credit score requirement alone does not automatically entitle the borrower to debt service flexibilities. All mortgages are funded by, registered in the name of, administered and serviced by B2B Bank. B2B BANK and BANKING THAT WORKS FOR BROKERS are registered trademarks of B2B Bank.

A Vacation/Secondary Home Expanded mortgage from B2B Bank can help your clients turn their dream of owning a second property or vacation home into a reality.

Overview

Terms

  • Fixed terms of 6 months, 1 - 5 years, 7 and 10 years
  • Open terms of 6 months and 1 year
  • Convertible term of 6 months

Eligible properties

  • 1 unit
  • New construction or existing property, move-in ready
  • Owner-occupied
  • Year round road access
  • On municipal water/sewage or well/septic
  • Must have permanent heating source
  • Acceptable lending location

Ineligible properties

  • Mobile homes
  • Log home
  • Historical or heritage homes
  • Converted properties
  • Boarding houses/rooming houses
  • Leased land
  • Rental pools
  • Condo hotels
  • Co-operative housing
  • Commercial/industrial properties
  • Agricultural properties

Payment Frequencies

  • Monthly, weekly, bi-weekly, accelerated weekly, accelerated bi-weekly

Pre-payment privileges

  • Increase payments by up to 15% once per calendar year1
  • Pre-pay up to 15% of original principal once per calendar year

maximum amortization

  • Conventional: 35 years

Loan amounts

  • $50,000 - $300,000
  • Maximum equity withdrawal: up to $50,000

complementary solutions

  • Purchase
  • Portability
  • Refinance
  • Business for Self Expanded*
  • Business for Self – New Professional*
  •  
  • * For details refer to appropriate solutions information sheets

credit guidelines

  • Min credit score/LTV max:
  • Conventional
  • ≥ 620 up to 65%
  • Max GDS/TDS2:
  • < 680 - 35%/42%
  • ≥ 680 - 39%/44%

value-added features,
options and Alternatives

  • Look Back Rate Guarantee
  • Up to 35-year amortization

1This pre-payment privilege is non-cumulative and is available after the first anniversary of the mortgage. 2Debt service flexibilities are based on the overall assessment of the strength of the overall application. Satisfying the minimum credit score requirement alone does not automatically entitle the borrower to debt service flexibilities. All mortgages are funded by, registered in the name of, administered and serviced by B2B Bank. B2B BANK and BANKING THAT WORKS FOR BROKERS are registered trademarks of B2B Bank.

A Vacation/Secondary Home Alternative mortgage from B2B Bank can help your clients turn their dream of owning a second property or vacation home into a reality.

Overview

Terms

  • Fixed terms of 1 - 5 years

Eligible properties

  • 1 unit
  • New construction or existing property, move-in ready
  • Owner-occupied
  • Year round road access
  • On municipal water/sewage or well/septic
  • Must have permanent heating source
  • Acceptable lending location

Ineligible properties

  • Mobile homes
  • Log home
  • Historical or heritage homes
  • Converted properties
  • Boarding houses/rooming houses
  • Leased land
  • Rental pools
  • Condo hotels
  • Co-operative housing
  • Commercial/industrial properties
  • Agricultural properties

Payment Frequencies

  • Monthly, weekly, bi-weekly, accelerated weekly, accelerated bi-weekly

Pre-payment privileges

  • Increase payments by up to 15% once per calendar year1
  • Pre-pay up to 15% of original principal once per calendar year

maximum amortization

  • Up to 35 years

Loan amounts

  • $50,000 - $300,000
  • Maximum equity withdrawal: up to $50,000

complementary solutions

  • Purchase
  • Refinance
  • Portability
  • Business For Self > 2 years*
  •  
  •  
  • *For more details refer to the applicable informations sheets.

credit guidelines

  • Min credit score/LTV max:
  • ≥ 620 – up to 65%
  • BFS Stated ≥ 620 – up to 60%
  • Max GDS/TDS2: NA/45%

value-added features,
options and Alternatives

  • Look Back Rate Guarantee
  • Up to 35-year amortization

1This pre-payment privilege is non-cumulative and is available after the first anniversary of the mortgage. 2Debt service flexibilities are based on the overall assessment of the strength of the overall application. Satisfying the minimum credit score requirement alone does not automatically entitle the borrower to debt service flexibilities. All mortgages are funded by, registered in the name of, administered and serviced by B2B Bank. B2B BANK and BANKING THAT WORKS FOR BROKERS are registered trademarks of B2B Bank.