Are you dreaming of spending summer weekends by the lake at your cozy cottage? Perhaps you’re looking for a place downtown for those days when you have to work late. Whatever your needs, a second home mortgage could be the answer.
With a down payment as low as 5%, it’s possible to purchase a second home. It’s important to note that a second home is defined as a property that is used by either you or a family member, and no part of it is rented out or generating any rental income. If there is rental income involved, then the property would be considered a rental property with different guidelines and qualifications. Likewise, if the property is a cottage, it would fall under a separate category. At Main Street Mortgages, we specialize in these unique areas of mortgage financing and can guide you through all your options. We understand the financing requirements and can recommend which lenders to consider for second-home mortgages. Our goal is always to help you secure the best financing you qualify for.