Flexible mortgages on vacation and secondary homes
Having a second home or a vacation home is not such a bad idea. They can serve you as a place to live when you just want to go away from the routine of everyday life. Or, it can also serve as an option when you have a business to attend to on a regular basis in another town and don’t want to spend on hotels. There are additional benefits as well and we at One Mortgage Group can help you with Secondary and vacation home mortgages. If you have a property in mind, you can get in touch with us today to discuss your requirements. We can offer you an extensive range of mortgage plans to choose from. If you are happy with one of the choices, we will start with the paperwork and close the deal as quickly as possible so you can enjoy the comfort of your new property. Contact us today for further details, we look forward to hearing from you.
Which are the eligible properties?
In this type of mortgage, there are two types of properties that are eligible. These are, type A and type B. For Type A properties, you can get a loan of $600,000. If the property is in Metro Toronto, Metro Vancouver and Metro Calgary area, the loan amount goes up to $700, 000. Type A properties can also be called Secondary homes. And for type B properties or Vacation homes, the maximum loan will be $350,000 and they need not be winterized and may have seasonal access.
For both types of properties, there are certain unique features that it must have. For example, for type A properties, it must have a kitchen, a 3-piece bathroom, a bedroom and a common area. Also, it must have a remaining economic life of at least 5 years more than the mortgage amortization period. The foundation should also be permanent.
Whereas for type B properties, the Foundation can be floating, it can be accessible by boat; these are just some of the details, we can discuss more them during our appointment. So go ahead, contact One Mortgage Group for Secondary and Vacation home mortgages, you won’t regret it.
Things you should know regarding borrower qualifications
- The lenders require a minimum credit bureau score of 680 on all applicants.
- There should be no prior bankruptcy or judgement claims.
- No history of late payments over the past 24 months
- Maximum of one insured vacation property per applicant
- The maximum TDS is 42%
- Downpayments cannot be gifted.
Some of the documents you will need to submit are;
- The offer to purchase document
- Employment verification
- Verification of down payment
You should also know that the LTV for type A properties is 95% and for type B properties, it’s 90%. Rest assured, everything will be discussed in detail when you get in touch with us. Transparency and meeting client needs have always been our major priority. If you have queries, get them resolved by calling our team members. We will be more than happy to help you.
At One Mortgage Group, our mission is to set a high standard in the mortgage industry. We are committed to quality customer service - putting the people we serve first.
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