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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.
An investment property, owning a cottage, vacation home, or even a place for their children to live in while away at university.
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 Centra Financial Group 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
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