How to make the Dream of Owning Your                               Secondary Home or Weekend Getaway  a Reality!!    

Purchasing your Dream Vacation Property or Secondary Home can be a daunting process. How much Down Payment do you need? What Price Range do I qualify for? How do I go about getting Pre-Qualified so I can go shopping with confidence? What Documentation do I need to complete the Process? What Steps are involved from Start to Finish? How do I get the Best Rates for Me? What types of Vacation Properties or Secondary homes are allowed by the Lenders?
As Licensed Mortgage Associates we can assist you with all of these questions and more.
Dennis Ward / Lorraine Revet  Mortgage Associates  Mortgage Tailors

There are Solutions and Options to help you through  the Process of Purchasing your Dream Getaway or Secondary Home to make the experience an Easy and Enjoyable one.

There are many questions you may have and need the answers and guidance to help you through this process. Here are a Top Ten List of the most Common Ones. If your question is not listed please feel free to Request a Free Private Consultation at any time.


Do I need Money down to Purchase a property?

In Canada there is a minimum 5% down needed to Purchase a Secondary or Vacation Home.
This can come from your own resources or in some instances from a Gifted Down Payment.


What Types of Properties Qualify for this Program?

There are two classifications of  Properties . Type A Year Round Properties  and Type B Seasonal Properties.


How do I get Pre-Qualified and what is the Benefit?

A Mortgage Associate will collect all the required documentation to truly qualify you based  on your current Financial Situation and let you know the TRUE BUDGET that you would qualify for. This allows you to go home shopping with the confidence that you are in your proper price range. This will also allow us to know if there will be any issues with the final approval and completion of the sales process, helping to protect your deposit.


How do I determine the Budget for my Vacation or Secondary Home?

We will assess your current Income Levels and Financial Situation to Confirm what Budget you qualify for based on the Lender and Insurer Guidelines for Debt Servicing.
This will help ensure a smooth Purchase and Closing Process.


How do I ensure that I am getting the Best Rates?

We have access to many Lenders and will shop around to get you not only the Best Rates for your Situation but the Best Terms for Purchase such as Pre payment and Portability. Fixed and Variable Rates are available on these types of Properties.


What type of Employment do I need  to Qualify?

Different Lenders and Insurers have different Guidelines on what type and term of Employment will Qualify for there different programs. With access to a Large selection of Lenders we have options to find solutions for your Employment Situations.


Why use a Licensed Mortgage Associate?

Simply stated, we are here to assist you through the Entire process and to help you get the Best Rates and Terms based on your situation. We will guide you through Pre Qualification right through to the completion of your Purchase. All at no cost to you in almost all situations.


Should I use a Realtor when Purchasing?

We always recommend using a Professional Realtor when purchasing a Property. Their Experience and commitment will ensure your best interests are being looked after and the Purchase Experience will be a Positive one.


Will this affect my credit score?

No, it will not. The only time that we would actually pull your credit is once you have given us written consent and supplied your information. The initial consultations will have no affect on your Credit Score. We can even assist you and answer any questions you may have in helping you improve your Credit Score to prepare you for the process in the future.


What additional Fees could I be looking at?

Depending on what type of Property Purchase, you may encounter additional fees. We can advise you on what they might be and what your options are. Examples of additional fees can include Appraisals, Inspections, Title Transfer fees, Property Tax, and Legal Fees as well as some other not so common fees. We can help explain those fees when they are involved.
Always get proper Legal Representation  to ensure your best Interests are being looked after.