Invest In A Vacation Getaway
It can be a challenge to find a vacation place everyone can agree upon. Instead of searching for accommodations every time, why not consider buying a vacation home?
IT’S A PLACE TO CALL HOME AWAY FROM HOME
A vacation property is a place you can call home away from home with comfort, style, and space. You don’t have to worry about “availability” and depending on its location it can be convenient and accessible at any time.
AN INVESTMENT IN YOUR FUTURE
A vacation property can be an investment property via rental income or a future sale. The increasing use of rental property websites has made it easier for people to find rental properties online. Property you can afford to purchase for long-term enjoyment, for year-round use and not short-term speculation, may be a worthwhile investment for your family’s future. Second homes can potentially increase in value over time. Plus, you may consider this property for your retirement years.
IT CAN BE POSSIBLE TO FINANCE
When you make the decision to purchase a second home, it is important to have your finances in order and to be prepared to incur the costs of maintaining and fixing the property as you would your primary residence. Depending on your financial situation, it may be possible to finance your vacation property provided you have at least 20 per cent down payment for it.
In addition to your finances, lenders will examine the property itself, including its location, availability for year-round use, and accessibility. If you have less than 20 per cent down payment for the property, you will need to purchase mortgage default insurance.
If you have the capacity, you may be able to leverage the equity in your current home to gain financing for your vacation home through a home equity line of credit.
MCAP’s Secondary Home Program could provide you with the financing, depending upon specific terms and conditions.
For more information on this and other financing options, visit MCAP.com and use the free Find a Broker tool to find a mortgage broker in your area.