More Canadians than ever are purchasing second homes – you could say that second home ownership has gone mainstream. The purpose of this article is to provide existing homeowners who are looking to purchase a second property with information to help them secure mortgage financing for the purchase of their second home. Second home financing has become very popular in the last 5 years. This is called a down payment. Most importantly, remember only to buy if you can afford it. Please Thank you, Your email address will not be published. Others want to buy a vacation home. There are additional factors that can come into consideration in all mortgage applications, and therefore, it is important to discuss your unique situation with a qualified mortgage broker. You can close in on a specific neighbourhood or area by simply drawing around it with the polygon or radius tools. Still others want to consolidate consumer debt at a much lower interest rate. Are you looking for a house to buy in Alberta? First Time Home Buyers in Alberta — Educate Yourself Buying Your First Home Should Be Fun Purchasing your first home is a big life decision, and being a first time home buyer can be stressful at times. Step by Step: How to choose the best mortgage broker? Buying a second home is a convenient and cost effective way to … Use the map view to find Southern Alberta, AB cheap homes for sale, based on city features or amenities that you may want close by. Buying a second home in Alberta is not only part of an investment strategy; it is quickly becoming a necessity for those who want to vacation close to home. Wheneveryou decide that it’s prime time to purchase a property in Alberta, you shouldfirst lookup for a suitable property that goes along with your budget and suitsyour choice including location, size of property etc. Income for Qualification Purposes: You have to qualify on personal income only, since you are buying a second home (Vacation property, Property for kids while they are in school, or property for parents to live in), this property may not be rented and there for you cannot use rental income for qualification. Research the properties, area, and low mortgage rate options beforehand. Step 1: Get a Pre-approval When you first decide you want to purchase a home, it is wise to get a pre-approved mortgage. There are many instances when an individual finds him/herself wanting to purchase a residence for a family member: child moving to another city for work/school, retired parents moving away, or moving closer, and many more. A selected list of current properties from our portfolio for “buy a house“ follows. Down Payment Sources. With smart shopping and some research, you can find a vehicle that suits all your needs. In these instances, as long as the property being purchased will serve as the homeowner’s full time, primary residence, they are able to purchase a second home with as little as a 5% down payment. Decide if Homeownership is Right for You; Check if You are Financially Ready to Own a Home; Finance Your Home; Find the Right Home; Make an Offer and Close the Deal; Maintain Your Home and Protect Your Investment; Condominium Buyer's Guide. Sometimes they want to take out equity to send their kids off to college. It is easy for expats to buy property in Canada, especially for those who will be living in the country long-term. 3 . But if the new home you’re purchasing is less than $450,000 and will be your primary residence, you may qualify for a partial rebate. It’s important that you understand the process. You may be looking to finance a vacation home or purchase a residential investment property. Super Brokers is a proud member of the Better Business Bureau of Southern Alberta. There is a reason many people invest in real estate: land is a finite resource, and therefore it will over time increase in value. Who We Are. It is the second largest country in the world, and has always been a magnet for immigrants from different parts of the world. How fast those increases occur and in what areas are some of the variables, but in general land is a solid investment. Your mortgage loan will cover the rest of the price. Apply for a mortgage. Many doors have now opened up for this ever growing need in the marketplace. Things to Know About Buying a Second Home 1) Do your research You must resist the urge to buy a home because you want a getaway. , cultural, and has been a broker at Alberta mortgage since 2005 this makes owning second! 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