The reality of making a second home purchase is no longer just reserved for the elite Canadian. More and more Average Joe homeowners are starting to tap into this lucrative investment field. For some this means a relaxing vacation home, for others it means an extra means to support the family. Whatever the reason, the mortgage specialists at Source Mortgage want to help you realize your second property dreams.
Can I Really Afford a Second Home?
With the plethora of programs available for homeowners, you may be surprised at how much you can afford. Insurers like Genworth and Canada Guaranty offer Second Home Programs that allow homeowners to borrow up to 95% of their home’s value. So as long as you are financially stable in terms of income, debt, and available credit limits, you may be eligible for a second home. The only way you’ll know is if you sit down with a mortgage expert who can help guide you through your finances and offer you realistic solutions.
What Does My Second Home Need to Qualify?
The insured Second Home Mortgage program mentioned above has acted as a massive boon for homeowners, giving them the opportunity expand their options. There are only a few conditions to apply:
- The home must not be a rental property.
- The property must be winterized. This means that it is accessible year-round, even if it is not being used year-round.
- The home must be in Canada. Furthermore, time-shares are not eligible.
Why Choose a Mortgage Broker?
Choosing to purchase a second home offers a lot of opportunity, so it only makes sense to work with a mortgage professional with access to a wide range of lenders and information. Our mortgage experts can also help you determine if you can use the existing equity in your primary home to fund your second property.
How Do I Get Started?
It’s time to make those dreams a reality and speak to our excellent mortgage professionals. Contact us today for a consultation!