Leverage your vacation property with programs offered by some of our lenders.
Is a Cottage the One Thing You’re Missing?
If you already own your home, but dream of a country cottage or downtown pad, we can make your dreams a reality. With a vast experience in the industry, Terry Kilakos and his team can offer many vacation property programs from several chosen vendors. Our trained consultants help you to gain perspective on your project and find a mortgage tailored to your needs.
Did you know:
- You can have more than one mortgage at time, such as one for your home and another for a vacation property.
- Only one property is considered “primary”, all others are secondary.
- It only takes a 5% down-payment to get a mortgage on a second home.
- You can use the equity in your first home to finance a second mortgage and make your dream come true.
There are many options available for each of your mortgages. Let us use our market knowledge to help you finalize your project and get a mortgage at an unbeatable rate.
If you are looking to buy a rental property (one where you do not reside) then take advantage of the expert advice offered by the Terry Kilakos team.
Here’s what you need to know
For a full rental property:
- A 20% down-payment is required to purchase a 1 – 4 unit property.
- If you want to purchase a property with 5 units or more, you will need at least a 15% down-payment, and must respect the CMHC’s rental ratio.
For a rental property where the owner lives in one unit:
The down-payment is 5% for a duplex, 15% for properties with 3-4 units and 15% for a 5 unit property. Full rental property criteria apply to buildings of 6 units or more.