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Second Home Mortgage

second home mortgage

Whether you want to purchase a cottage property or a condo for your child going to university or college this is looked at as a second home mortgage.

With this type of a mortgage product, you have the potential to access up to 90% to 95% of the purchase price in the form of a mortgage loan. This of course depends on the strength of your credit application.

Applying for a second home mortgage is the same process as applying for any other mortgage. Your mortgage application is reviewed based on your total income, total debt level and the strength of your credit report.

Contact Trusterra Mortgage if you have been contemplating whether you can afford or get approved for a second home mortgage. We will assess your credit application and let you know if can get approved for a second home mortgage or not.

For those who qualify there is another option, that is, to purchase an old knock down property or raw land and build a custom second home or cottage property. Applying for a construction mortgage is more complicated. It takes a longer time for the application review process and to receive a response from the lender. The time from the start to the end closing date is much longer than the traditional straight forward home purchase mortgage application process.

Working with a trusted and experienced mortgage brokerage such as Trusterra Mortgage is to your benefit as we work for your best interest and will advise and guide you accordingly.

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