A mortgage to pay for a second home or investment property

In addition to a primary residence, homeowners may have a second home. This property can be a vacation home or a residence that you can use for work.

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Second Home Mortgage Rates

Second home mortgage rates are interest rates for financing a second home—a property other than your primary residence. These rates can be fixed—a stable interest rate for the life of the loan—or adjustable—a rate subject to change based on market conditions.

Here are a few options for financing a second home:

Home equity loans: Homeowners could borrow against their current equity to receive a lump sum of cash at a fixed interest rate. But defaulting on this loan could lead to foreclosure.

A cash-out refinance: Cash-out refinancing replaces a current home mortgage with a larger one. Homeowners receive the difference in a lump sum payment, which could be used to buy a second home.

Provides protection from a minimum of $250 to a maximum of $5,000.2

Debt-to-income (DTI) ratio requirements

Borrowers could need a DTI of 45% or less. Additionally, second home mortgages may require larger down payments—sometimes 10% or more. Speak with an advisor for help and more information.

Featured Rates

3.60%

On a 36-month term
(closed term)

 

3 Year Closed Term Variable Rate Mortgage®

5.90%

On a 60-month term
(Closed term)

 

5 Year Closed Term Variable Rate Mortgage®

7.60%

On a 84-month term
(Open term)

 

7 Year Open Term Variable Rate Mortgage®

Second Home Financing® Program

The interest rate and annual percentage rate (APR) reflect the cost you'll incur for the loan. The interest rate is the cost to borrow the funds, while the APR includes the interest rate and other costs such as the origination fee and any points.

Today's rates for 7 Year Open Term Variable Rate Mortgages

Special Offers

You have the flexibility to allocate income towards other expenses and the ability to refinance before the introductory rate expires.

Purchase Rates

Refinance Rates

Closed Term Variable Rate Mortgages

Term Rate
1 year 8.040%
2 years 7.640%
3 years 7.240%
4 years 7.040%
5 years 7.040%
7 years 7.200%
10 years 7.690%

Right for you if:

  • You're thinking of buying a second home
  • You need simple loan options

Overview

  • Fixed or variable rates†. 
    Choose either fixed or variable rates for the full term.
  • Can be applied to Type A and Type B  Vacation Properties

Generally speaking, Type A vacation properties are the same as standard residential properties in terms of quality of construction and materials used. They have year-round road access, and generally meet standard residential property lending requirements. Type B vacation properties must meet all Type A property requirements except for the following:

- A standard heating system is not required.

- Year-round road access is not required (e.g. unplowed road in the winter is acceptable.

  • Conventional and insured financing available.

Plus

  • Choose from weekly, biweekly, semi-monthly, and monthly payment options.
  • Weston Mortgage Protection can help make sure the home you worked so hard for is protected.

Need help choosing the right mortgage option?

If you're shopping for a home mortgage but aren't sure about your options, it may be time to find a Home Financing Advisor. A Home Financing Advisor can offer you guidance on choosing the right loan for your specific needs.

Speak with an advisor

Explore more

Fixed-Rate Mortgages

Your monthly payment remains fixed even if interest rates rise, as long as the amount is sufficient to cover the interest cost.

Second-Home Mortgages

While some people can afford to purchase a second home using cash, most need to take out a mortgage.
Before you apply for a second home mortgage, review your credit score, assets and income, just like a lender will.

Weston Mortgage Protection Insurance

This optional mortgage insurance can pay off your outstanding balance or help cover your payments during times of financial hardship as a result of certain unexpected life events.