Second Home Family Member Occupied
Mortgages in Canada are generally amortized between 25 and 35 year terms. While this seems a long time, it does not have to take anyone that long to pay off their mortgage if they choose to do so in a shorter period of time.
Second Home Family Member Occupied Mortgage Solutions
Purchasing a second home for a family member can be a great way to support loved ones while also building long-term wealth. Whether you’re buying a home for a child, parent, or other relatives, we offer mortgage solutions designed to help you achieve this goal. We understand the importance of family and work with you to secure financing that fits your unique situation.
Why Choose a Family Member Occupied Home?
- Support Family Members: Help a loved one gain homeownership or provide housing for family in need.
- Long-Term Investment: A second home can be a valuable asset that appreciates in value over time.
- Shared Financial Responsibility: In some cases, family members can contribute to mortgage payments, easing your financial load and increasing your qualification.
Our Solutions for Family Member Occupied Homes
- Flexible Mortgage Terms: We provide options that can accommodate a wide range of financial situations.
- Down Payment: We provide solutions that make it easy to meet minimum down payment requirements.
- Lender Flexibility: We offer options with lenders who understand the nuances of family member-occupied homes.
Things to Consider
- Ownership and Responsibility: Understand the financial and legal implications of owning a second home for a family member. We’ll provide you with all you need to know.
- Mortgage Structure: You may choose to include or exclude your family member on title to the property. We’ll provide you with all you need to know and guidance to choose what is best for you and your family.
- Tax Implications: While family members can occupy the property, tax implications such as capital gains must be considered if the home isn’t designated as a principal residence. If you choose to include your family member on title to the property, we can guide you on how to structure ownership to minimize capital gains tax exposure.
Why Work With Us?
- Expert Advice: We guide you through the complexities of financing a family member-occupied home.
- Tailored Financing Solutions: We customize mortgage options to meet your specific needs and goals.
- Access to a Wide Range of Lenders: We connect you with lenders who understand family dynamics and can provide the best possible mortgage solutions, and the most competitive lowest rates for your approval.
Let’s Make Homeownership Possible for Your Family
If you’re ready to invest in a second home for a family member, contact us today to discuss your mortgage options. We’re here to make the process as smooth and efficient as possible, helping you secure the right financing for you and your loved ones!