In our humble opinion, one of the BEST Mortgage Products on the market today is the 2nd Home Mortgage.
This is the one you need when you buy that Cottage at the Lake...or perhaps another home Intended for Family Use in another city...like the kids when they are off to University.
The best part is you only need a Down Payment of 5%. Of course...we're gonna grill you on where that Down Payment came from...to find out if your Down Payment is from acceptable sources, click HERE.
Some people even use this to help out their entrepreneurial family members who may not have the income proof to support a mortgage of their own. Maybe they've gone through a bankruptcy and although they can afford it - their credit isn't acceptable to the lenders at the moment.
What really makes this mortgage option fantastic is that we build in a really unique option - an Assumption Clause (No relation to Santa...oh yeah, we just did that...we just blew your mind). Now we know the joke, "never assume anything because it only makes an ASS out of U and ME"...hardy har har.
In this case though...the ability to assume is fantastic. Ok, follow along and we'll explain...
Let's say your daughter, the Artist/Poet/Eco-Friendly Cycling/Protestor/Singer/Philosopher, wants to buy a home for her and her cat who we will call "Serephina Snow Flake Snowy", but she can't because her income is low and maybe she doesn't have strong enough credit.
Being the good parent you are, you buy the home as a 2nd home and put the home in your name. We build in the "Assumption Clause" and a year or so down the road, your daughter's income and credit are strong and she can now assume the mortgage and you can be removed from the covenant of the mortgage.
There you have it...you maintain your title as "Awesome Parent", and now your daughter has a sweet mortgage at a rate she otherwise may never have received, and you didn't have to pay a penalty to get out of the mortgage!
Like I said...this is probably one of the BEST Mortgage Products on the market today. We arrange plenty of them!
And before we forget...this little baby is going to require you to provide a few other documents than you typically would...for instance, you will have to provide recent Mortgage and Property Tax statements for any properties you already own.
Hop over to our Essential Documents Page to have a peak at other documents you might need.
Take a spin over to our Mortgage Calculator page to see what your Mortgage Payments will look like.
Got any nagging questions? Give us a call...here's the number:
If this is what you are looking for...then go ahead and click that Shiny Red Button down there...yeah, that one! Don't click the bike...that won't do anything.