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 Home Mortgage and Rental Property services to find out what you need to know
If you would like to purchase a home and require a mortgage we can assist…We start with a 20 minute phone call. Often we can address 99% percent of your questions or concerns, and are able to tell you how much of a mortgage you can qualify for.
Are you considering refinancing your mortgage? We can assist you to find low-payment options, access to second/third mortgage financing, including private source financing. Or even steps to refinancing your mortgage…
Mortgage renewals advice and tips – if your mortgage is coming up for renewal we can show you how to avoid unsuitable products and terms, help you avoid higher rates by finding you the best possible mortgage rates…
Do you want to use your mortgage to consolidate your debt to manage your credit cards, car loans, taxes, bills, etc better? We offer the best advice on how to go about consolidating your debt using your mortgage…
Divorce and mortgage questions – We offer expert advice on what to do when you are in the process of separation or are recently divorced. Do you know exactly what to do to safeguard your most valued asset?
In addition to offering the standard mortgage services in Canada that are available from your neighborhood banks, The Mortgage Centre also offers mortgage special services. Special services help people in special…
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 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.