Are you in the market for a Second Home?
Whether it’s a vacation property, an investment property, or a retirement home, Mortgage Suite is here to help make the process as easy as possible.
The process of getting a mortgage for a second home is similar to getting one for a primary residence, but there are some differences to keep in mind.
- Down Payment: Second home mortgages typically require a larger down payment. This is because second homes are considered to be a higher risk for lenders, so they may require a larger financial investment from the borrower. The down payment for a second home can range from 10-25% of the purchase price.
- Interest Rates: Second home mortgages usually come with slightly higher interest rates. This is because the lender views a second home as a higher-risk investment, so they may charge a higher rate to compensate for that risk.
- Property Use: Second homes can be used for different purposes. Some people may want to use their second home as a vacation property, while others may want to rent it out as a source of income. These different uses can affect the type of mortgage you qualify for, so it’s important to discuss your plans.
When looking for a mortgage for a second home, it’s important to shop around and compare rates from different lenders. Or, you can also work with a licensed mortgage agent or broker, who can help you find the best mortgage for your specific situation.
Our team of licensed mortgage professionals will work with you to find the best mortgage solution to fit your needs and budget. Don’t let the mortgage process hold you back from owning your own second home. Contact us today to start the process and find the best solution for you.
