Have you been dreaming about owning your own vacation home? Maybe a place you can spend the weekends relaxing lakeside or maybe even skiing at your own chalet? Well it’s easier than you think to turn that dream into a reality, thanks to vacation home mortgages. With the right financial advice and guidance through the process, you can find the right mortgage for your needs. So, if you’re interested in finding out how you can secure a vacation home mortgage, read on as we give you all the tips you need to find your perfect getaway home.
Pre-Approval Process
The first step is navigating through the pre-approval process. Without a pre-approval, you won’t have a clear understanding of how much you can afford to pay on a second home. A pre-approved mortgage is the best way to know your affordability level, the interest rate and amortization period, what your estimated mortgage payments will be, and your overall financial status. A pre-approval also ensures that when you find the perfect home, you can put in an offer right away, giving you a competitive advantage over other purchasers. Here’s the best part of the process; applying for pre-approvals cost you nothing. Just remember to have all your financial information organized for the application process.
Qualification
With all of this years’ changes to the Canadian mortgage landscape regarding qualification requirements, it’s wise to talk to a mortgage professional in advance. At The Financial Form, we understand how the new mortgage changes can impact how you qualify. We’ll help you navigate through the entire process to ensure you are provided the best mortgage option to secure your vacation home.
Property Considerations
Selecting the right location and property can often be challenging because it’s not the same from one place to the next. For instance, not all municipalities will allow you to out right own the title to your property, and some have much higher taxes than others. Also, if you’re considering turning the property into a vacation rental, you’ll need a professional who can help show you where the most profitable locations are in the neighbourhoods, and whether the property – if condo or townhome, allows rentals in their units. So before making any decisions, let an expert help you navigate through some of the more difficult factors to vacation home purchasing and obtaining vacation home mortgages.
You deserve to have your dream vacation home, and deserve a team that’s dedicated to helping you reach your goals. We have assisted hundreds of people just like you to obtain second homes used as a getaway home. Together, we can ensure that you are offered the most affordable vacation home mortgage rates, so you can obtain the home you’ve been dreaming of.
Ready to get started searching for your getaway home? Contact us today to get started.
