Second Home or Income Property Mortgage

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.