Mortgages for Vacation Homes in Oakville
Purchasing a vacation home in Oakville is now more within reach than ever with low mortgage rates. Let Patrick get you the best mortgage.
Accurate Mortgage Advice
There are restrictions and other considerations around mortgages for vacation homes in Oakville. As a mortgage agent, I've helped hundreds of people get a vacation home mortgage in Oakville. I'll walk you through all the requirements.
Quick Approval For Vacation Home Mortgages
I'm Patrick Romann and I'm a recognized source for helping my clients get the mortgage lending and financing they need.
We make Mortgage Lending & Financing Possible for our clients living in Oakville.
If you're looking to secure a mortgage for a vacation home in Oakville, I can help you find the best rates and get approval fast.
Lower Mortgage Rates Mean you Save More Money
Getting a lower mortgage rate can mean the difference between being able to afford a vacation home in Oakville or not. As a mortgage broker, I have access to more than 50 lenders including banks, credit unions, and more. What this means for you is that you can be assured I can get you the lowest possible mortgage rate - Even if you have blemished credit.
Requirements for a Vacation Home Mortgage in Oakville
Buying a second property like a vacation home or cottage can be a bit more difficult than securing a single home loan. The primary thing lenders look at in this situation is affordability. If your income and expenses make sense, then it's easy to get a vacation home mortgage.
Many people get a line of credit or access the equity in their current home to cover the down payment for their vacation home. While this approach may not guarantee the success of your mortgage application, it will cause lenders to look at you more favorably.
How Can You Buy a Second Home in Oakville?
In Patrick Romann, you have a guide, counselor, and broker who has experience working with all types of clients. I have many customers who rely on me completely, even in the biggest of their investment decisions. I have helped people arrange mortgages for them just as per their situation. Suppose you already own a property in Canada and don't want to show on the papers the Second home. In that case, you can always consider refinancing your current property. That way, you will get the money from the lender against your existing property and buy a second home.
Benefits of Owning a Vacation Home in Oakville
I'll walk you through the benefits of owning a second property. You can have the perfect retirement plan and everything. I ask you again, does your retirement plan include a second home? If the answer is a No, you may be missing out on these benefits.
Capital Appreciation
The first and foremost benefit is the financial gain from a second home. To be aware of the increasing prices of Canadian properties every year, you don't even need to own a house. It's all there, and everyone knows it's the best investment ever. When you don't have to move a thing, and you can still have your capital appreciated after some years down the line. Along with the capital appreciation, you can also have a tax-deductible rental income if you rent it out regularly. Other financial gains involve renting your second property as a vacation home to charge pretty handsome amounts from the vacationers.
A Place to Relax
No matter what you say, no benefit can be greater than having a place where you can just relax. Staying connected and socially active sometimes makes you tired, and all you need is one week of no distractions. And there is no better place to go other than your own vacation home. You can meditate, work on self-development, or just do nothing and enjoy the weather anytime you want.
Perfect Retirement Plan
No retirement plan is complete without a second home. You can have your primary family property in its place but having a vacation home means you have financial security and more than one choice. Once you decide where you wish to be settled after retirement, you can even consider selling your other property and have all the funds for yourself or your children.
Frequently Asked Questions
For a mortgage, you can qualify for as low as a 5% down payment with mortgage insurance. However, you will be looking at a minimum of 20% down (it can be 25% in some cases).
Your credit score should meet the standard criterion. Your debt-to-income ratio should be moderate, if not very low. And lastly, your income and assets verification documents, along with the down payment, will be required for a second home mortgage.
If you are planning to get a 30-year mortgage plan, you better hurry up! If you have already reached your retirement or nearing it, chances to get a 30-year mortgage are very low. However, if you come to Patrick Romann, you can surely get a properly developed and strong case for your second home/vacation home.
Once you qualify and get the mortgage, the lenders don't really care what you do with the property (except for the illegal activities, obviously). You can rent it out on a proper tenant basis, or you can rent it as a resort or a vacation home if it is located in the suburbs or someplace near the woods.
For sure, it is! But when you come to the right place for your second home mortgage, then all you have to worry about is providing the details that we ask you, and that's it. Patrick Romann will take it from there onwards and make the entire mortgage thing super easy and comfortable for you.
Why Work with Patrick Romann
Get in Touch
As a mortgage agent, I'll walk you through all the requirements to getting your vacation home. Contact me to discover how I can help you with all your mortgage needs in Oakville.