Income Property or Second Home Mortgage
Buying an investment property is not a “get-rich-quick” 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.
Our mortgage program can serve various purposes—whether 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.
Build Long-Term Investments
Rent for Positive Cash Flow
Second Home Mortgage
What is Income Property/Second Mortgage?
Income Property or a 2nd Mortgage helps you finance a second property for personal use or investment. A second home is typically a vacation property or a residence for family members, such as a cottage or seasonal getaway. It’s intended for personal enjoyment, not rental income.
An income property is purchased to generate rental income, offering benefits like positive cash flow, tax advantages, and long-term financial growth. Whether you’re looking for a second home or an income property, this mortgage provides flexible lending options tailored to your real estate goals.
Getting Approved
We Can Help You!
Securing a Second mortgage or income property is simple with Skip The Bank. Here’s how it works:
1. Submit Your Information Securely: Start by submitting your details through our secure online platform. Your information is private and accessible only to you and our trusted mortgage brokers.
2. Book a Virtual Appointment: Schedule a virtual meeting with one of our expert mortgage brokers to review your finances, explore mortgage options, and begin the pre-approval process.
3. Get Personalized Guidance: We’ll answer your questions, help you compare mortgage rates, and find the best solution for your needs.
4. Budget Support: Need help with budgeting? We’ll assist in creating or reviewing a budget to align with your financial goals.
Let us help you achieve your real estate goals with ease and confidence!
Get a Free Consultation
FAQ
Answers to Our Most Frequently Asked Questions
01
What are the different types of second mortgages in Canada?
- Cottage
- Rental property
- Home for your parents or children to live in while at post-secondary education.
02
What documents must I provide for a second-home mortgage application?
Similar to those when you purchase a primary residence. The most important is income confirmation documents.
03
Can I rent out my second property with a second-home mortgage?
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.
Advantages of Second Home/Income Property Mortgage
Wealth Building
Purchasing an income property or investment property helps you build equity over time, creating a valuable asset that supports your financial future.
Additional Income Stream
Generate rental income from your second home, vacation property, or multiple rentals, helping offset property mortgages and boosting your cash flow.
Tax Benefits
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.
Property Appreciation
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.
Reasons to Choose a Skip the Bank Mortgage
- Access to Real Estate Investment Opportunities: Our program allows people to purchase a second rental property, even if traditional lenders have denied them.
- Flexible Options: We acknowledge that every individual has unique financial requirements and circumstances. Our Mortgage Program offers a wide range of options to choose from.
- No Hidden Fees: We are transparent about our fees, and we don’t charge any hidden fees or prepayment penalties.
- Competitive Rates: We offer mortgages with highly competitive interest rates that can help you save money over the duration of the loan on your second property.
- Customized Solutions: While working with you, we create a tailored solution that meets your particular needs and promotes your financial goals. no need to write anything
Choosing Skip the Bank for your mortgage means you’ll enjoy several key advantages to help you grow your real estate investment:
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!
Second Home/Income Property
Real Mortgage Success Stories
Kris had attended university for a couple of years and some of her friends’ parents had purchased condos. Kris and her parents discussed home ownership but weren’t 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’t qualify for another mortgage loan.
That’s where The Mortgage Centre’s Skip the Bank stepped in to help! Since Kris’s 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.
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’t using the second home, they could rent it out to friends and family. They just didn’t know where to start.
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.
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