Memories are built in vacation homes, and with the new and innovative mortgage options available to Canadians, more and more people are seizing the opportunity to turn their vacation home dreams into a reality.
Whether you’re looking for a cottage on the lake, a property on the coast or any other place that offers the rest and relaxation you’re looking for, it’s easier than ever to purchase your perfect getaway home.
Vacation Home Mortgage – How Does it Work?
There are a few different options for securing a mortgage that will lead to the purchase of a vacation property:
- Refinance your Existing Mortgage. Many banks and lenders will allow you to refinance your mortgage to absorb the costs of an additional property while consolidating your payments.
- Combine Borrowing. Using your home equity, you may be able to borrow funds toward the purchase of a second property while keeping ongoing access to the money.
- Apply for a New Mortgage. Clean and simple – just apply for a new mortgage as you did the first one to fund your second home.
Many of these options will depend on your mortgage history, your existing home equity and other factors, and deciding which one is right for you isn’t always easy. The expert advice of a mortgage broker can help you weigh the advantages of each option and make the choice that’s right for you.
Are You Ready for a Vacation Home?
While everyone dreams of owning a vacation property, aside from the financial implications, there are a few other things to consider before you decide to buy. For example, you may want to think about the frequency with which you want to use the home, how you foresee it passing through the generations, whether you will be renting it out when you’re not using it, and much more.
Let Us Help you Get There
Buying a vacation home is a major step and it’s easy to feel overwhelmed and unsure whether your dream is actually within your reach.
When you work with Mortgage Guys, we can have a real conversation about your goals and vision, and find out what it will take to get you approved for a mortgage. With our network of lenders, we can help you get one step closer to the vacation home you deserve.