It is not usual for Canadian families have more than one home. The second home could be a retreat from the hustle and bustle of life in a big city. A summer home in a somewhat rural and serene environment can provide families with a great vacation home and relaxation hideout away from the noise and pollution of the big cities. We can offer you the chance of being the proud owner of a second home and you will be able to obtain this through a mortgage loan, by as much as 95% of the vacation home’s current value.
In making that crucial decision on owning a second home, you should seriously take the following considerations to heart;
- Your vacation home< must be situated anywhere in Canada. It cannot be located outside the country.
- You should have the financial capacity to afford a second home and assume its liability. The payment of the mortgage and its interest rates can take a toll on your income, so you need to ask yourself if it’s worth taking the risk.
- The vacation home must be occupied by you or a family member on a completely rent-free arrangement. This is not an investment property program, so your second home cannot be used as a guest Inn or rented home.
- You should be able to have access to the second home throughout the year, it should also be winterized. For property on an island you should ensure that there is an all-year-round access to the island either by a bridge or through waterway with the use of ferry service.
For more information on our second home program, including the mortgage payments, you can call us today and speak with our mortgage experts who will inform you on what to expect from the program and how to go about acquiring a second property or vacation home.
