As interest rates remain steady on the Canadian housing market, more people are considering purchasing a vacation home or second home for any number of purposes. Purchasing a second home is usually a welcome investment and one that should certainly be considered whenever possible. Unlike with purchasing a first home, when you are looking for a property that is just right for your everyday needs and activities, you can and should take your time in choosing a second property.
With the possibility of receiving up to 95% financing on your second home or vacation property and the different terms that so many lenders offer, CMI certified mortgage brokers will assist you in finding which mortgage is best for purchasing your second property, taking into account the purpose of the property, the equity on your first home, your credit rating, current financial circumstances and any plans you may have for the future.
