We’ve helped thousands of homeowners and investors qualify for mortgages for Second Position HELOCs/mortgages, investment properties, and second-homes – helping them meet their personal and financial goals.
Not only have we helped them get the type of second mortgage they want or need—but also kept them from making the most common mistakes that are consistently made by first-time investors.
Getting a Second Mortgage, when you already own a home and want to buy a second property, is very different than a Second Position Mortgage.
This section is about getting Mortgage for a Second Property. If this is what you are looking for, you’ve certainly come to the right place!
The Mortgage Specialist is your source for All types of mortgage services information and everything you need-to-know about mortgage-related financing!
A couple of Costs to Consider along the way as well
A couple of Costs to Consider along the way as well
1. Property Transfer Tax
2. Assessment value vs Market Value of a property you are interested in
Many Canadians are now seriously considering taking the plunge into buying a second property, be it for a family member, or an investment property to rent out.
Watch this video about our Second Mortgage and Rental Property services to find out what you need to know
Let’s be honest, not many people can pay for their home in cash… Most people will need a mortgage to purchase real estate.
Our process starts with a 20-minute phone call. Often times, we can address 99% of your questions & concerns, and we can tell you how much of a mortgage you’d qualify for.
It might seem strange, but you might actually be able to save money by refinancing your mortgage… Depending on the rate environment and your contract, I can help you figure out if it makes financial sense for you to refinance. Even with the fees & penalties – you could save thousands.
If you are planning on renewing your mortgage with your current lender, you may be leaving money on the table. We can negotiate a better deal. You may also want a new mortgage product upon renewal, and we will show and guide you how to choose the mortgage that suits your future goals.
Do you want to use your mortgage to consolidate your debt to manage your credit cards, car loans, taxes, or any other high interest bills? When executed well, alongside a short – and long-term plan, debt consolidation loans can help you reduce your overall debt burden while freeing up cash flow.
The truth is that divorce is difficult and stressful enough on its own. And when living arrangements, mortgages and financial instability start to pile up, it becomes a disaster. Don’t go into your divorce or separation with your eyes closed… You should be prepared for every financial thing that your partner could throw your way.
In addition to our normal offerings, we have special programs for special situations. Learn more about our 10-Year Mortgage Rates, Mortgages For Heroes, & our Mortgage Adoption Process.
Here in Canada, you have the ability to declare one home as your primary residence. If you already own a home, and you buy another home, then it is viewed by the lenders that you are purchasing a second home, should you wish to apply for a second mortgage.
Even if you wish to make the second property your primary residence, and rent out the current place that you live in, or rent out the new home, your application will be treated as a second property mortgage because you already have one mortgage.
These details can sometimes be confusing.
We are here to help and you can depend on us to help provide you with clarity through the murky waters of navigating through the different terminology and processes. We will be by your side to help you navigate through this and reach your personal and financial goals.
There are exceptions and we will have to review your case individually to determine if you qualify for an exception. In most cases, if you do not require the use of any rental income being generated from your second property to use for qualification, or you are going to be moving in to the second property. You might be eligible, so long as you qualify, to put less a down payment (under 20%) and a lower interest rate.
Call us today at 778-233-2377 to help you assess the whether buying a second property is right for you.
We will not only help you reach your second-home goals through mortgage strategies—but we’ll do it while protecting your credit score, your first home—and your family’s security.