Stephanie was amazing to work with! Her professionalism and knowledge was class A. She was with us every step of the way and guided us through the process. She went above & beyond and became a friend. I would highly recommend her!! Thanks again for all your help!
Buying a Vacation Home with Gotobrokers
Buying your vacation home with Gotobrokers has never been easier with the wide scope of lenders who are ready to mortgage your vacation property. The dream of owning a vacation home has become more obtainable with a minimum of 5% down thanks to the support of Segan, home mortgage insurance, creating programs that enable the lenders to offer more options.
Throughout the years we have seen a demand in vacation property ownership as Canadians are working more and looking for ways to enjoy their time away from work without having to fly to far-away locations. It all makes sense!
Having a conversation with Stephanie with Gotobrokers regarding how to get started and what type of property you are seeking will enable you to be best prepared, knowing what properties fall under the distinct categories will aid you in refining your search engines. As a license mortgage broker, we have direct access to the programs below:
Vacation Home with as little as 5% Down
Let’s get started with Type A and what is required in this property:
- Year-round access
- Fully winterized
- Permanent heating, plumbing, and water
- The foundation below frost line
Exploring Vacation Type B with 10% Down
- Boat access
- 3-piece bath, kitchen, bedroom, and living room
- Water does not need to be potable but must be running
- Toilet can be holding tank or portable
- Concrete blocks or pilings
- 850 square foot minimum
Vacation properties can vary greatly. They can be an 850 sq foot cabin to the house in a town that you often visit. All these can be obtained with as little as the 5% down model. It is important to know that at Gotobrokers we can access the off-grid properties with a larger down payment of 50%.
Some Commonly Asked Questions
What is a vacation home?
A property that is not your main residence and is non-rental property.
Can we use a chemical treated toilet on the Type B Vacation Home?
Yes, a chemically treated toilet is acceptable under the program.
What is an off-grid vacation property?
A property with no road, power, or running water is considered an off-grid property.
Can I use my vacation property as a timeshare?
Both vacation types A & B do not have provisions for the time-share.
Is there a cap on how much I can purchase a Type B for?
Yes, the cap is $350,000.
Getting started is as easy as a quick telephone call to start the process. We will discuss the property type that interests you and ensure that you have all the knowledge necessary to start your property search.
Working with Gotobrokers Your Vacation Property Mortgage
As accredited mortgage professionals licensed and governed under the Real Estate Act we can assure you that you will be in great hands. Our knowledge and years in the industry have given us a wide advantage over many others.
Our approach “broker only” means you will work directly with a mortgage broker from start to finish. When you reach out to us you will never be shifted to a team member. We are committed to the utmost level of service and respect for your time. This is exceedingly rare in the mortgage industry.
As the franchise owner of Gotobrokers, I am confident we will exceed your expectations!
We look forward to speaking with you and answering all your questions.