Vacation & Second Home Mortgage
Lifestyles are changing and these changes affect decisions that Canadians make regarding how and where they live. With this in mind, insurers will now provide homeowner insurance for borrowers with more than one residential property. You can now buy a recreational/vacation/cabin or second home with as little as 5% down. The new home must be intended for occupancy at some point during the year by the borrower or a relative of the family on a rent free basis.
Vacation, Recreational or Second Home Mortgage Example:
- Your daughter is currently attending the University of Calgary. Instead of renting an apartment they can now buy a condo with zero down and have her move into it.
- You buy a second home in Calgary to reduce weekly commute times.
- Your have family moving to Canada and wish to purchase a home for them to move into it.
- You are tired of the hustle and bustle and have been thinking of purchasing a vacation property in Kelowna (for example).
To learn more, simply give us a call today, 403.242.5547.
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