Second Property

General Abha Jain 29 Nov

Second Property.

Get ready to make your next property purchase.

 Who Can Qualify

You might be surprised to learn that you don’t need to be one of the uber rich or make six figures to have second properties. You just need to have knowledge, determination and a financial plan!

When it comes to purchasing a secondary property, whether for investment, rental or vacation, it can be a great opportunity! Before taking on a secondary property, you will need to have your down payment in order (whether from savings or home equity) based on the minimum requirements. It is also important to have a sufficient credit score to qualify (680 or higher) for a conventional mortgage. However if your credit score has not reached 680, there are still options. Alternative or B Lenders can be great solutions for individuals with credit challenges, while still helping you purchase your dream home!

In addition to the down payment, you will also need to pass the stress-test to prove that you can financially carry both mortgages. Also to keep in mind, there may be potential barriers with lenders as most will limit the number of mortgages within a portfolio. If this is only property number two or three, you shouldn’t have any concerns. However, as you expand your portfolio, you may run into a limit at five properties (at which point you would be considered a commercial file).

Refinancing Your Home

General Abha Jain 18 Nov

Refinancing Your Home.

Ask a DLC Mortgage Professional if refinancing is right for you!

 Refinancing Considerations

As with everything, refinancing comes at a price! If you are experiencing a financial rough-patch or one of the previously mentioned situations and think that refinancing your mortgage could be the right solution, there are a few things to know.

The first and most important thing to understand about mortgage refinancing is that if you opt to refinance during your term, it is considered to be breaking your mortgage agreement. As with any contract, there are associated penalties for breaking them and it could end up being quite costly. If at all possible, it is always best to wait until the end of the mortgage term before any refinancing is conducted.

Beyond the penalties, there are a few additional things to know about mortgage refinancing such as:

  • It allows you to tap into 80 percent of the value of your home.
  • It requires re-qualification under the current rates and rules, which includes passing the “stress test” again
  • No default insurance is required, which could give you more lender options
  • There is typically an appraisal cost and legal fees for the new mortgage agreement

Talking to a Mortgage Professional about refinancing can provide you access to even greater rates and mortgage plans to best suit your needs and what you are trying to accomplish through your refinancing strategy. The best part? Their services won’t cost you a penny. Why wait? Contact a DLC Mortgage Professional in your area today.

Written by DLC Marketing Teams

New to Canada.

General Abha Jain 11 Nov

New to Canada.

Get approved with a DLC Mortgage Professional


Canada has seen a surge of international migration over the last few years and, with all these new faces in town wanting to plant roots in this great country, we wanted to touch base on some of the details surrounding mortgages and how new immigrants can qualify to be homeowners!

Buying a house is an exciting step for anyone, but it is especially so for individuals who are new to the country. As daunting as it may seem, purchasing a home is completely possible with a little knowledge and preparation.

If you are new to Canada and looking to get a mortgage, connect with a DLC Mortgage Professional today for expert advice and options that best suit you!