Expanding my horizons has always been a priority, and I understand that securing the right mortgage is a crucial part of the process.

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Considering that vacation property or second home? I've got you covered. Life keeps getting busier, and as your needs evolve, you might be eyeing a second home closer to work to cut down on the weekly commute or a serene cottage by the lake for a change of scenery. Finding the perfect mortgage fit at the best rate can be the key to making your dreams a reality.

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As a dedicated mortgage broker, I'm here to simplify the process and make securing a second mortgage a straightforward and stress-free experience.

I'll expedite the process and help you save thousands, all while providing expert guidance and a friendly smile. If you're purchasing your next primary residence, I have more information tailored to your needs here.

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I'm well-versed in the requirements and can offer precise advice. Recent regulations and stricter requirements for owning a second home or vacation property have made financing these mortgages a bit more complex, especially for properties with limited access or services. However, that doesn't mean you can't find a great solution or secure a lower rate.

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Some lenders offer high-ratio mortgage options with down payments as low as 5%, depending on the type of property you're interested in. In other cases, a higher down payment of at least 20% may be necessary, depending on the property's purpose, type, and year-round accessibility. Alternatively, refinancing your current home to include a second property in your mortgage could be a viable option.

Second properties typically fall into two categories:

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1. Second Homes

   • Single-family dwellings with the characteristics of a typical home

   • Must have year-round access and be suitable for year-round use, including indoor heating and a fully-serviced water supply

   • Occupied by the owners for part of the year or by a family member living there rent-free

   • High-ratio financing (as low as 5% down) available through Sagen and Canada Guaranty

   • Conventional mortgages (requiring at least 20% down) follow regular application policies

   • Other restrictions, such as price ceilings, may apply
      

2. Recreational and Vacation Properties

   • Quality properties with year-round road access

   • Equipped with residential-standard water and septic systems, electrical, and heating

   • Primarily used for recreational purposes

   • Considered second properties, with other restrictions that may apply

   • Note: Properties with only seasonal access, lacking winterization, or without year-round plumbing may face further restrictions.

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I offer solutions for the purchase and refinancing of secondary homes, and I can guide you through the process, providing accurate information to help you make informed decisions.

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Related: Interested in purchasing your Airbnb? I have valuable information about acquiring your vacation rental property.

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My commitment to securing lower rates means you can save more. A lower interest rate can make the difference in whether you can afford a second home or vacation property.

 

With my friendly and expert service, I work with accredited lenders and leverage volume discounts to secure the best rate tailored to your specific situation.

Whether you prefer to start an online chat, give me a call today, or apply online now, you can count on fast and friendly mortgage service

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