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You can now finance you second home or cottage with as little as 5% down!
Lifestyles are changing and many people are choosing to purchase second homes either for personal or career reasons. Up until now, home buyers were required to have a 25% down payment for a second home purchase. Now qualified borrowers can obtain Homeowner Mortgage Loan Insurance for the purchase of a second home or cottage any where in Canada with as little as 5% down and no increase to the applicable homeowner premiums and surcharges, no increase in underwriting fees and no additional borrower qualifications. With the introduction of this new product, owning a vacation home or having a home away from home when away on business, can become a reality for many more Canadians.
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Permitted Products |
- Second Homes may be submitted on all Homeowner Mortgage Loan Insurance products with no additional underwriting requiments or mortgage loan insurance premiums.
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Maximum Number of Properties
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- You can insure a maximum of two homeowner mortgage loans to a borrower or co-borrower.
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Occupancy
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- At initiation, the property that secures the homeowner mortgage loan must be intended for occupancy at some point during the year by the Borrower, or a releative of the borrower on a rent free basis
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General Property Requirements |
- The property can be located any where in Canada as long as it is suitable and available for year round occupancy.
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- Properties that are constructed for seasonal use, or have seasonal access, are not eligible.
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- Properties located on an island must have year round bridge or ferry access.
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- Time-share interests, life leases and properties in rental pools are not eligible.
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Please contact our Broker/Owner, Mike Rowell to learn more about the financing of your second home or cottage.
Suite 207, 264 Midpark Way SE. Calgary, Alberta T2X 1J6 Canada
Phone: 403.802.0366 Fax: 403.802.0766 Toll Free: 866.802.0366
mike@trimorfinancial.com
Call or use our online mortgage application to apply today!
Apply Online!
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