With lower interest mortgage rates, now may be the perfect time to purchase a second home. If you are wondering if you can can afford a second home, an experienced mortgage expert who knows the mortgage rules in the Canadian real estate market can assist you in finding out if buying a second home is a viable option.
There are many reasons Canadians buy a second home; an investment property, owning a cottage, vacation home, or even a place for their children to live in while away at university. Buying a second home is different from a traditional mortgage and the process can be a bit tricky. Second home mortgage requires a minimum of 20% down payment and high ratio mortgage insurance may apply. If you are purchasing rental property, your application will only include a portion of the rental income (usually 50%). Although it is a little tricky, getting help from a professional and experienced mortgage broker will ensure you get the right mortgage product and have a better chance for approval.
The good news is buying a second comes with lots of mortgage options and we have many lenders to find you the right mortgage product. The mortgage brokers at Get A Better Mortgage Inc. are very experienced with second home mortgages. We can help make the mortgage process smoother, provide better rates and get a quick turnaround time on your approval so you can get your second home sooner.