Beyond Mortgage Can Get You Approved To Buy A Vacation Home, Second Home, Or Third Home!

Buying your first home is a great achievement, but for many Canadians, it isn’t the last time they will be financing a home. You will most likely need another mortgage if you are in a strong financial position and plan to purchase a vacation home, a second home, a third home, or even a tenth home.

You should be aware that lenders have a different approach when it comes to the purchase or refinancing of a second home, third home, or farther. Without proper advice and a suitable lender, you might discover your mortgages, interest rates, and terms fluctuating widely from one property to another. Fortunately, the pros at Beyond Mortgage Realty are well-versed in aiding you with loans and mortgages for vacation homes, second homes, third properties – even sprawling across ten houses!

When purchasing a vacation home, your lender will be interested in knowing the type of property it is, as well as some other important information. There are two main types of vacation homes: one that is accessible year round and has a solid foundation (like a four-season cottage) and one that can’t be used year-round and has a weaker foundation (such as a small cabin that’s used for four months a year).

Your lender will provide you with a variety of loan options based on the type of vacation property you are looking to purchase. Structurally sound vacation properties are treated much like primary residences by lenders. Beyond Mortgage Realty will work hard to secure the best rates and terms for you by finding the right lender who prefers and offers the best options for vacation properties.

If your new property is in good condition and situated in an area of high demand, you can opt for either a fixed or variable rate mortgage with excellent low-interest rates and similar down payment requirements that you’d have with a residential house. On the other hand, if it’s a smaller, older vacation home away from the city which can only be used for six months of the year, many lenders will have different offerings. You may need to expect a higher interest rate and larger down payment due to the more significant risk to them.