As a homeowner who is looking at a mortgage for a second home, there are a few options available and the one that is right for you will depend on your situation. Every financial institution has different guidelines on how a homeowner qualifies on a mortgage for a second home, so a good mortgage broker will be able to guide you in the right direction. The idea is to get the best mortgage product available.
Most people who are looking at a mortgage for a second home usually have intentions of buying a rental property and this is the reason for the second mortgage. Another reason may be that parents have kids going to school away from home, so buying a property for their kids to live in makes more sense than throwing money away on rent while their kids are away at school.
Anytime you are looking for mortgage financing, a mortgage broker should definitely be your first phone call. Mortgage brokers have access to many lenders and will know how to maximize your situation to get you the best rates, and terms. And if you’re self employed a mortgage broker will be in a better position to help you get qualified on a mortgage for a second home especially if you have trouble with income verification.
Watch this episode with mortgage broker Tracey Brock of Dominion Lending Centres where she will explain how to get a mortgage on a second home.
For more information on financing or if you need a mortgage broker, contact Tracey Brock of Dominion Lending Centres.
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