Recreational Property
Buying a Vacation Home
While recreational property may seem out of reach for many, there are mortgage strategies to help you acquire a cottage for your family to enjoy, for a lifetime.
Whether your preference is a cottage or resort condo, in most cases you should be able to obtain mortgage financing on a second home at a rate that is competitive with what you are paying on your principal residence.
When qualifying for vacation home financing, the lender will simply add the new mortgage payment onto your total monthly debt payments – if these do not exceed 42% of total monthly household income, the loan will most likely be approved.
About one third of those who have a secondary home use their properties as an income-producing vehicle. In the case of a vacation property that you intend to rent out most of the time, the lender may deduct the rental income from your total monthly debt payments – at Invis-Feisal & Associates we can let you know about a particular lender's policy on rental income.
A vacation home is more than just a luxury item – it can be a solid real estate investment that appreciates over time. Best of all, you'll have a retreat that offers peace and tranquility not often found in the city.
and remember, arranging mortgage financing is what we do, all day, every day!
Always patient with any questions asked. Felt like they went that "EXTRA MILE" - really appreciated their professionalism and help. Barb S.
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News Update
Highlights of B.C.'s 2012/2013 Budget
HST to PST Information Bulletin - February 21, 2012
The province will transition back to the Provincial Sales Tax (PST), which will replace the Harmonized Sales Tax (HST), on April 1, 2013. Until then, the province has announced transitional rules for new homes which take effect April 1, 2012.
Kevin Falcon announces HST transition rules for new homes.
British Columbia will return to the PST on April 1, 2013.