How You Can Use A 2nd Home Mortgage

Vacation homes, such as a Cottage. A Second Home Mortgage can come in handy. We can help you find a variety of different home loans.
Get financing up to 95% of the value of your second home or cottage.

Choose from a range of available fixed mortgage rates and variable mortgage rates. Use up to 80% equity from your first home available towards the down payment on a second home. Many mortgage lenders will allow a home loan, or a home equity loan.

Mortgage For Second Home Options

You can choose from weekly, biweekly, semi-monthly and monthly payment options. We can show you some tricks on how to calculate your payment, approximate qualification, we call this our simple mortgage calculator. Call us today and we will be happy to show you how to do the quick math so that you can get a pretty good idea in your head. We can then of course calculate it down to the penny for you, if you are interested in pursuing.

Possibilities With Second Home Mortgages

Your Second home – Your home away from home.
A place where you can unwind – spend summer weekends at the cottage or looking for a place downtown maybe if you have to work late during the week.
As you mature in your employment/career life, and as your family grows, your needs change and often grow as well. As mortgage brokers, we can save you a lot of time. Often weeks off the process. Not only that but we can get you the best rate and terms that work best for you.

Buying A Second Home For Family Member

Often a mortgage expert can advise to buy a second home instead of renting. In 2003, Canada’s Mortgage Insurers (CMHC and Genworth) introduced the insured second home product.

The program is not eligible for investment purchases, rental pool or timeshare properties. If rental income is required from this property to qualify, then it cannot be classified as a Second Home Property, and you must come up with 20% down payment.

The maximum loan amount for a second home in the Metro areas of Toronto Vancouver and Calgary is $700,000 and the rest of Canada, the maximum limit is set To $600.000. Purchases and refinances are available, but do give us a call to discuss refinancing options, as they are best to go over with your unique details in mind.

For Vacation homes, the property does not need to be winterized. As long as there is road access, we may be able to get an exception for seasonal road access – where the road is not ploughed during the winter for example.

The maximum loan amount is $350,000 for a Vacation Property, however exceptions can be considered, and will be on a case by case basis. Vacation properties are only available for purchases, refinances are not considered at this time.

There are Loan to value ratio limits
Loan to value is the relationship between the mortgage balance and the property value. If you have a 100,000$ property, and you have a 90,000$ loan against it, the loan to value is 90%. For Second Home properties, the maximum LTV is 95% and for Vacation Properties the Maximum LTV is

Buying Second Home In Canada

If you are thinking of buying second home for family member or as a vacation home, here are qualifications and requirements to be successful.

Required Documents For Buying A Second Home Mortgage

• Purchase agreement (full complete with all addendums)
• Employment Verification and Income support documents
• Down payment verification information

Options Under Mortage Purchasing