The current state of the real estate market in Canada has allowed for many to consider purchasing a second home or vacation property for any number of reasons. Perhaps this is the right time to consider making a second purchase. However, with interest rates expected to go up slightly soon and the various terms and conditions mortgage lenders now offer, choosing the option that is best for you isn?t easy. When purchasing a second home or other property, there are several important elements to consider and accredited CMI mortgage brokers will be there to take you through the process as quickly and smoothly as possible.<br><br><b>Choosing a second home or vacation property</b><br><br>Buying a second home or vacation property is a little different than purchasing a first home or an investment property. Here are a few things to take into consideration when making this purchase:<br><br><b>Take your time.</b><br><br>Although you may already have your sights set on a certain location or property, there?s no need to rush in. You should always look at several properties and weigh your options.<br><br><b>Consider the purpose of the property you are purchasing.</b><br><br>People have different circumstances and interests, or different reasons to purchase a second home or vacation property. You may be purchasing a home for your adult child, elderly parents or a family vacation property and all of these present different needs and will affect your future plans differently. CMI mortgage brokers will take your budget, current circumstances and possible future plans into consideration when recommending the lender, mortgage rates, and terms that are best for you.<br><br><b>Applying for a mortgage for your second property</b><br><br>In considering a mortgage plan for the purchase of a second home or vacation property, the difference between taking on a second mortgage, refinancing your existing mortgage or borrowing against the value of your first home will play an important role. Lenders offer various options and CMI mortgage brokers are here to assist you in making the best possible choice for your particular financial situation and circumstances. Rates, procedures and necessary paperwork will vary, depending on your credit rating, choice and personal circumstances. Canada Mortgages Inc. works with over 200 lenders and our certified mortgage brokers are considered specialists in the assisting those who own several properties.<br><br>Equity on your first property will also play an important role in getting financing for another property. Depending on the equity on your current mortgage, credit rating and the amount you plan to set for down payment, CMI mortgage brokers will help you find the best terms and rates for purchasing your second home or vacation property. You may be even be able to receive up to 95% financing on your second home with variable or fixed rates. Aside from the regular paperwork and documents required for any mortgage, your CMI certified mortgage broker will also assist you with any additional requirements, such as mandatory application to CMHC or Genworth for mortgage insurance if you plan on receiving financing that exceeds 80% of the value of the second home or vacation property you have chosen to purchase.