A second property in another town while your children attend university out of area. The waterfront cottage you’ve always dreamed of. A condo in the city when you need a change of pace.
Whatever your second home or rental property in Canada looks like, it’s a decision you make based on finances, emotions and lifestyles.
There are many ways to finance a second home. If you have accumulated equity in your principal residence, you can put it towards the down payment on your new property. You can also use your current property to buy a second home mortgage or line of credit to fund your second home. Or if you already have the cash you need as a down payment, consider financing the property as you would any other.
A second home might simply suit your lifestyle at the moment. It can also be a long-term plan for retirement savings and family asset accumulation. From an investment standpoint, you can purchase a rental property in Canada to earn additional income from another source. And don’t forget about the tax benefits associated with owning a second home for investment.
8T is solution-focused. We love hearing our clients’ goals and plans, and then helping them make those a reality. With in-depth knowledge, a thorough system and years of industry experience, we can provide you with the type of expert mortgage advice you need to buy a vacation property, a second home for investment or a rental property. The end result is informed decision making for you and your family.
You’re interested in purchasing a second home and you want the mortgage on your first home to help fund your acquisition.
Why not capitalize on the equity you’ve built up in your existing property? By securing the right mortgage on your first home, you can use your cash equity as the down payment for your second property.
First clicking the link below to get started. Follow the simple steps we’ve provided and contact us anytime for more information. Our expert 8Twelve mortgage team is here to collect information and then work on your behalf to obtain the best mortgage deal so you can make your second home dreams a reality.