What is a Second or Vacation Home Mortgage?
When the time comes to purchase a second home, you want a mortgage that suits your needs and fits within your budget. Whether it’s a vacation cottage in the country or an apartment in the city close to work, you can reach both your property goals and your financial goals with the right second/vacation home mortgage.
How Does a Second or Vacation Home Mortgage Work?
A second home or vacation home is a special type of property, and as such, requires a special type of loan. While a second home mortgage is similar to a standard mortgage loan, there are certain requirements and conditions that differentiate a second home mortgage from other types of mortgages. With a vacation home mortgage, lenders are interested in not only your financial situation as a borrower, but also the specifics of the property you’re planning on purchasing. Most lenders’ approval requirements for vacation properties are stricter and more complex than what’s typically required for a standard mortgage. At First Foundation, we can help you prepare your second home mortgage application to make sure you get access to the type of financing you need at a rate that fits your budget.
Tips from First Foundation
Looking for the best rate on a second home mortgage? At First Foundation, we help you navigate the complex world of lenders and mortgage applications to help you find the best mortgage at the best price, and customize your mortgage to fit your lifestyle and your financial goals.
Our mortgage brokers are not bankers, which means they’re not pressured to sell you on a particular type of loan. Instead, they work with some of the top lenders in Canada to provide their clients with the most competitive rates possible. This also gives you the flexibility to choose the terms that best suit your needs. You can choose a fixed or variable rate mortgage, and set a repayment schedule that suits your lifestyle and financial needs.
If you’re considering purchasing a second property, you could be eligible for a second home mortgage for as little as 5% down. Want to know more? Visit us for a free, no obligation mortgage consultation, or fill out an online mortgage application.