{"id":2747,"date":"2022-10-05T14:03:46","date_gmt":"2022-10-05T18:03:46","guid":{"rendered":"https:\/\/invincible-neuron.flywheelsites.com\/?page_id=2747"},"modified":"2026-04-06T22:08:17","modified_gmt":"2026-04-07T02:08:17","slug":"vacation-second-home","status":"publish","type":"page","link":"https:\/\/skipthebank.ca\/mortgages\/vacation-second-home\/","title":{"rendered":"Vacation\/Second-Home"},"content":{"rendered":"<section class=\"service-hero incomeproperty-hero\">\n<div class=\"herobg\">\n        <img decoding=\"async\" src=\"\/wp-content\/uploads\/2022\/10\/Group-27.png\" alt=\"pink dots grid\" class=\"pinkdots\" \/>\n    <\/div>\n<div class=\"website-grid\">\n<div class=\"title-box\">\n<h1><span class=\"orange-txt\">Income Property or Second Home <\/span>Mortgage<\/h1>\n<p>Buying an investment property is not a \u201cget-rich-quick\u201d scheme. To be successful, it is best to approach it at a slow and steady pace. If you are looking to buy a second home, owner-occupied or not, we can help. We designed our Income Property or Second Home Mortgage program to help you finance your real estate investment goals.<\/p>\n<p> Our mortgage program can serve various purposes\u2014whether as a peaceful getaway, a vacation spot, or a practical residence closer to work or school. It can also provide financial benefits, such as building equity and diversifying your investment portfolio. With our program, you can confidently plan your dream second-home purchase or income-generating property acquisition. <\/p>\n<p>            <a href=\"\/contact-us\/\"><button class=\"btn-orange\">Contact Us<\/button><\/a>\n        <\/div>\n<\/p><\/div>\n<\/section>\n<section class=\"service-context self-context\">\n<div class=\"website-grid centerTheIcons\">\n<div class=\"iconsContainer\">\n<div class=\"icons-box\">\n            <i class=\"fa-duotone fa-family\"><\/i><\/p>\n<p>Build Long-Term Investments<\/p>\n<\/p><\/div>\n<div class=\"icons-box\">\n            <i class=\"fa-duotone fa-money-bill-trend-up\"><\/i><\/p>\n<p>Rent for Positive Cash Flow<\/p>\n<\/p><\/div>\n<\/div>\n<div class=\"context-box\">\n<p class=\"pretitle\">Second Home Mortgage<\/p>\n<h2>What is Income Property\/Second Mortgage?<\/h2>\n<p><strong>Income Property or a 2nd Mortgage<\/strong> helps you finance a second property for personal use or investment.<strong> A second home<\/strong> is typically a vacation property or a residence for family members, such as a cottage or seasonal getaway. It\u2019s intended for personal enjoyment, not rental income.<\/p>\n<p>An <strong>income property<\/strong> is purchased to generate rental income, offering benefits like positive cash flow, tax advantages, and long-term financial growth. Whether you\u2019re looking for a <strong>second home<\/strong> or an <strong> income property<\/strong>, this mortgage provides flexible lending options tailored to your real estate goals.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<section class=\"service-help self-help\">\n<div class=\"website-grid reverseFlexRow\">\n<div class=\"col-12 help-box\">\n<p class=\"pretitle\">Getting Approved<\/p>\n<h2>We Can Help You!<\/h2>\n<p>Securing a Second mortgage or income property is simple with Skip The Bank. Here\u2019s how it works:<\/p>\n<p><strong>1. Submit Your Information Securely:<\/strong> Start by submitting your details through our secure online platform. Your information is private and accessible only to you and our trusted mortgage brokers.<\/p>\n<p> <strong>2. Book a Virtual Appointment:<\/strong> Schedule a virtual meeting with one of our expert mortgage brokers to review your finances, explore mortgage options, and begin the pre-approval process.<\/p>\n<p><strong>3. Get Personalized Guidance:<\/strong> We\u2019ll answer your questions, help you compare mortgage rates, and find the best solution for your needs.<\/p>\n<p>  <strong>4. Budget Support:<\/strong><br \/>\nNeed help with budgeting? We\u2019ll assist in creating or reviewing a budget to align with your financial goals. <\/p>\n<p> Let us help you achieve your real estate goals with ease and confidence!\n<\/p>\n<\/p><\/div>\n<div class=\"col-12 helpform-box\">\n<h3>Get a Free Consultation<\/h3>\n<script type=\"text\/javascript\">\n\/* <![CDATA[ *\/\nvar gform;gform||(document.addEventListener(\"gform_main_scripts_loaded\",function(){gform.scriptsLoaded=!0}),document.addEventListener(\"gform\/theme\/scripts_loaded\",function(){gform.themeScriptsLoaded=!0}),window.addEventListener(\"DOMContentLoaded\",function(){gform.domLoaded=!0}),gform={domLoaded:!1,scriptsLoaded:!1,themeScriptsLoaded:!1,isFormEditor:()=>\"function\"==typeof InitializeEditor,callIfLoaded:function(o){return!(!gform.domLoaded||!gform.scriptsLoaded||!gform.themeScriptsLoaded&&!gform.isFormEditor()||(gform.isFormEditor()&&console.warn(\"The use of gform.initializeOnLoaded() is deprecated in the form editor context and will be removed in Gravity Forms 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class=\"faqCardImage\" \/><br \/>\n          <a href=\"https:\/\/go.oncehub.com\/SkiptheBank?dt=&#038;bt=1&#038;Lightbox=1&#038;openedThroughBtn=1&#038;Si=1&#038;soskip=0\" target=\"_blank\" class=\"faqCardLink\" rel=\"noopener\">Book Consultation<\/a>\n        <\/div>\n<\/p><\/div>\n<div class=\"faqCard faqFlexCol\">\n<p class=\"faqCardNumber\">02<\/p>\n<h2>What documents must I provide for a second-home mortgage application?<\/h2>\n<p class=\"faqCardMain\">Similar to those when you purchase a primary residence. The most important is income confirmation documents.<\/p>\n<div class=\"faqCardImageandLink\">\n          <img decoding=\"async\" src=\"\/wp-content\/uploads\/2024\/05\/faq12and22.png\" alt=\"\" class=\"faqCardImage\" \/><br \/>\n          <a href=\"https:\/\/go.oncehub.com\/SkiptheBank?dt=&#038;bt=1&#038;Lightbox=1&#038;openedThroughBtn=1&#038;Si=1&#038;soskip=0\" target=\"_blank\" class=\"faqCardLink\" rel=\"noopener\">Book Consultation<\/a>\n        <\/div>\n<\/p><\/div>\n<div class=\"faqCard faqFlexCol\">\n<p class=\"faqCardNumber\">03<\/p>\n<h2>Can I rent out my second property with a second-home mortgage?<\/h2>\n<p class=\"faqCardMain\">\n         Yes, this is a special type of mortgage that requires a 20% down payment. There are also special mortgages if you have 35% equity in your rental property that help you maximize your cash flow and will benefit you on expense write-offs for income tax purposes.\n        <\/p>\n<div class=\"faqCardImageandLink\">\n          <img decoding=\"async\" src=\"\/wp-content\/uploads\/2024\/05\/faq23.png\" alt=\"\" class=\"faqCardImage\" \/><br \/>\n          <a href=\"https:\/\/go.oncehub.com\/SkiptheBank?dt=&#038;bt=1&#038;Lightbox=1&#038;openedThroughBtn=1&#038;Si=1&#038;soskip=0\" target=\"_blank\" class=\"faqCardLink\" rel=\"noopener\">Book Consultation<\/a>\n        <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<section class=\"service-advantages self-advantages\">\n<div class=\"website-grid\">\n<h2>Advantages of Second Home\/Income Property Mortgage<\/h2>\n<div class=\"advantages-container\">\n<div class=\"advantages-col\">\n<h3>Wealth Building<\/h3>\n<hr>\n<\/hr>\n<p>Purchasing an income property or investment property helps you build equity over time, creating a valuable asset that supports your financial future.<\/p>\n<\/p><\/div>\n<div class=\"advantages-col\">\n<h3>Additional Income Stream<\/h3>\n<hr>\n<\/hr>\n<p>Generate rental income from your second home, vacation property, or multiple rentals, helping offset property mortgages and boosting your cash flow.<\/p>\n<\/p><\/div>\n<div class=\"advantages-col\">\n<h3>Tax Benefits<\/h3>\n<hr>\n<\/hr>\n<p> Enjoy tax deductions on expenses such as property taxes, mortgage interest, and maintenance costs, making your investment property mortgage more cost-effective, while maintaining a healthy debt service ratio.<\/p>\n<\/p><\/div>\n<div class=\"advantages-col\">\n<h3>Property Appreciation<\/h3>\n<hr>\n<\/hr>\n<p>Real estate investments like a second home, owner-occupied property, or real estate rental have the potential to appreciate in value over time, increasing your wealth.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<section class=\"service-reasons self-reasons\">\n<div class=\"website-grid\">\n<div class=\"col-12 reasons-box\">\n<h2>Reasons to Choose a Skip the Bank Mortgage<\/h2>\n<ol>\n<p>Choosing Skip the Bank for your mortgage means you\u2019ll enjoy several key advantages to help you grow your real estate investment:<\/p>\n<p>               <strong><\/p>\n<li>Access to Real Estate Investment Opportunities:<\/strong> Our program allows people to purchase a second rental property, even if traditional lenders have denied them.<\/li>\n<p>                <strong><\/p>\n<li>Flexible Options:<\/strong> We acknowledge that every individual has unique financial requirements and circumstances. Our Mortgage Program offers a wide range of options to choose from.<\/li>\n<p>               <strong><\/p>\n<li>No Hidden Fees:<\/strong> We are transparent about our fees, and we don\u2019t charge any hidden fees or prepayment penalties.<\/li>\n<p><strong><\/p>\n<li>Competitive Rates:<\/strong> We offer mortgages with highly competitive interest rates that can help you save money over the duration of the loan on your second property.<\/li>\n<p><strong><\/p>\n<li>Customized Solutions:<\/strong>While working with you, we create a tailored solution that meets your particular needs and promotes your financial goals. no need to write anything<\/li>\n<\/ol>\n<p>At Skip the Bank, we are committed to helping you achieve your real estate investment goals. Our flexible options, competitive rates, and dedicated support make it easy for you to achieve your dreams of owning a second or income property. Apply now and start building your real estate investment portfolio!<\/p>\n<\/p><\/div>\n<div class=\"col-12 selfimage-box\">\n            <img decoding=\"async\" src=\"http:\/\/skipthebank.ca\/wp-content\/uploads\/2022\/09\/thumbnail.jpg\" alt=\"kids looking a skip the bank promotion\" class=\"full-img\" \/>\n        <\/div>\n<\/p><\/div>\n<\/section>\n<section class=\"service-success self-success\">\n<div class=\"website-grid\">\n<p class=\"pretitle\">Second Home\/Income Property<\/p>\n<h2>Real Mortgage Success Stories<\/h2>\n<div class=\"flex-row story1\">\n<div class=\"success-img kris-img col-12\">\n                <img decoding=\"async\" src=\"\/wp-content\/uploads\/2022\/10\/stb_0002_kris-1.png\" alt=\"headshot photo of Kris\" \/>\n            <\/div>\n<div class=\"success-box col-12\">\n<p>Kris had attended university for a couple of years and some of her friends\u2019 parents had purchased condos. Kris and her parents discussed home ownership but weren\u2019t sure if they qualified to purchase another home. Her parents still had a mortgage on their house, so they were under the assumption that they wouldn\u2019t qualify for another mortgage loan.<\/p>\n<p>That\u2019s where The Mortgage Centre&#8217;s Skip the Bank stepped in to help! Since Kris\u2019s parents were still working, they were able to access the equity in their primary residence. They used it to buy a small condo for her to live in while attending her post-secondary school. Buying the condo ended up being a good long-term investment as well. After graduation, Kris got a job within the community and was able to afford the payments on the condo herself.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"flex-row story2\">\n<div class=\"success-img rashid-img col-12\">\n                <img decoding=\"async\" src=\"\/wp-content\/uploads\/2022\/10\/rashaandjim.png\" alt=\"headshot photo of Jim and Rasha\" \/>\n            <\/div>\n<div class=\"success-box col-12\">\n<p>Rasha wanted to create memories for her husband Jim and their two children. Despite happily living in a small home in a large urban centre, they really craved a country home or cottage. Jim and Rasha agreed that when they weren\u2019t using the second home, they could rent it out to friends and family. They just didn&#8217;t know where to start.<\/p>\n<p>Rasha came to The Mortgage Centre and we helped turn their dream of buying a second property into a reality. We helped them to create a plan, and after six months, Rasha and Jim purchased their perfect cottage home. All their family members love spending time in the countryside. Their friends also love being able to rent it out for their personal vacations.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<section class=\"service-resources self-resources\">\n<div class=\"website-grid\">\n<h2>First Time Home Buyer Mortgage Resources<\/h2>\n<div class=\"blog-entries\"><a href=\"https:\/\/skipthebank.ca\/mortgages-on-rental-properties-are-a-challenge-here-are-some-strategies-the-mortgage-center\/\"><div class=\"blog-card\"><div class=\"blog-card-image\" style=\"background-image:url(https:\/\/skipthebank.ca\/wp-content\/uploads\/2022\/05\/Untitled-design-5.jpg)\"><\/div><p class=\"date\"><i class=\"fa-light fa-calendar\"><\/i>May 5, 2022<\/p><p class=\"title\">Mortgages on Rental Properties Are a Challenge &#8211; Here Are Some Strategies<\/p><p class=\"excerpt\">I\u2019ve owned real estate investment properties over the last 20 years and we are pro\u2019s when it...<\/p><\/div><\/a><a href=\"https:\/\/skipthebank.ca\/what-you-should-know-if-you-own-multiple-properties-or-plan-to\/\"><div class=\"blog-card\"><div class=\"blog-card-image\" style=\"background-image:url(https:\/\/skipthebank.ca\/wp-content\/uploads\/2021\/10\/What-You-Should-Know-if-You-Own-More-Than-1-Home-e1644339297544.jpg)\"><\/div><p class=\"date\"><i class=\"fa-light fa-calendar\"><\/i>November 4, 2021<\/p><p class=\"title\">What You Should Know If You Own Multiple Properties Or Plan To!<\/p><p class=\"excerpt\">Do you own or have ever dreamed of owning multiple properties?\u00a0 Whether it\u2019s a cottage, rental, or...<\/p><\/div><\/a><a href=\"https:\/\/skipthebank.ca\/what-to-do-with-your-mortgage-given-the-rate-increase-by-the-bank-of-canada\/\"><div class=\"blog-card\"><div class=\"blog-card-image\" style=\"background-image:url(https:\/\/skipthebank.ca\/wp-content\/uploads\/2022\/10\/Rectangle-43.png)\"><\/div><p class=\"date\"><i class=\"fa-light fa-calendar\"><\/i>August 11, 2018<\/p><p class=\"title\">What to do with your mortgage given the rate increase by the Bank of Canada<\/p><p class=\"excerpt\">What to do with your mortgage given the recent rate hike by the Bank of Canada? We...<\/p><\/div><\/a><a href=\"https:\/\/skipthebank.ca\/tips-for-buying-a-second-property\/\"><div class=\"blog-card\"><div class=\"blog-card-image\" style=\"background-image:url(https:\/\/skipthebank.ca\/wp-content\/uploads\/2022\/03\/Untitled-design-3.jpg)\"><\/div><p class=\"date\"><i class=\"fa-light fa-calendar\"><\/i>April 2, 2018<\/p><p class=\"title\">Tips for purchasing a second property<\/p><p class=\"excerpt\">Purchasing a second property? Here&#8217;s some mortgage tips to get organized: Have you ever considered purchasing a...<\/p><\/div><\/a><\/div>\n<p>        <a href=\"\/blog\/\"><button class=\"btn-orange\">See All Posts<\/button><\/a>\n    <\/div>\n<\/section>\n<section class=\"ready-to-talk service-cta\">\n<div class=\"website-grid-small\">\n<p class=\"f48\">Ready to Talk?<\/p>\n<p class=\"f40\">\n            We\u2019ll help you get the mortgage<br \/>\n            that\u2019s perfect <b>for you.<\/b>\n        <\/p>\n<p>        <img decoding=\"async\" class=\"rtt-logo\" src=\"\/wp-content\/uploads\/2022\/10\/favicon_260x260-200x200-2-1.png\" alt=\"\" \/><br \/>\n        <img decoding=\"async\" class=\"rtt-family\" src=\"\/wp-content\/uploads\/2022\/10\/nathan-dumlao-Wr3comVZJxU-unsplash-1.png\" alt=\"\" \/>\n    <\/div>\n<div class=\"website-grid-small flex\">\n        <a href=\"http:\/\/skipthebank.ca\/contact-us\/\" target=\"_blank\" rel=\"noopener\"><button class=\"btn-black\">Book<br \/>\n                Consultation<\/button><\/a>\n    <\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Income Property or Second Home Mortgage Buying an investment property is not a \u201cget-rich-quick\u201d scheme. To be&#8230;<\/p>\n","protected":false},"author":16,"featured_media":0,"parent":2718,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_seopress_robots_primary_cat":"0","_seopress_titles_title":"Second Home Mortgage | Skip the Bank","_seopress_titles_desc":"We designed our Second Home Mortgage or Income Property Mortgage program to help you finance your real estate investment goals.","_seopress_robots_index":"","footnotes":""},"class_list":["post-2747","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/skipthebank.ca\/wp-json\/wp\/v2\/pages\/2747","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/skipthebank.ca\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/skipthebank.ca\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/skipthebank.ca\/wp-json\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/skipthebank.ca\/wp-json\/wp\/v2\/comments?post=2747"}],"version-history":[{"count":0,"href":"https:\/\/skipthebank.ca\/wp-json\/wp\/v2\/pages\/2747\/revisions"}],"up":[{"embeddable":true,"href":"https:\/\/skipthebank.ca\/wp-json\/wp\/v2\/pages\/2718"}],"wp:attachment":[{"href":"https:\/\/skipthebank.ca\/wp-json\/wp\/v2\/media?parent=2747"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}