Awasome Using Home Equity For Down Payment On Second Home Canada 2022. This allowed him to use the equity in his current home as the down payment for his new home. You can usually take out the difference and use it to meet the minimum down payment for a second home.
A second mortgage is a second loan that you take on your home. In most cases, you’ll need a 15% to 20% down payment for. You can borrow up to 80% of the appraised value of your home, minus the balance on your first mortgage.