What You Should Know Before Buying a Vacation Home

Do you have a favourite vacation spot? That location you’ve treasured from your very first visit
and keep going back for more? Maybe it was an exciting city in another country or a quiet
seaside escape, or perhaps it’s a winter cabin in the Rockies. Wherever the destination is, you
know you’ll keep returning at every chance and have long considered buying a home there.
Before you invest, there are several things you should know before buying your dream vacation
home!

How to Apply for a Mortgage

If you’re in the market to purchase a vacation home, think of it as buying a second home. If you
plan to apply for a mortgage, you’ll want to discuss your options with a knowledgeable mortgage
broker. There may be different rules, restrictions, or factors involved, depending on the location
of your dream holiday home. Vacation home purchase programs can require as little as a 5%
down payment. 

How Buying a Vacation Home Affects Your Credit

Purchasing a vacation home will affect your credit, but everyone’s situation is unique. Before
making any big decisions, you can sit down with your mortgage expert to review your options to
find the best mortgage plan for you.

 
Know Your Insurance Options

When purchasing a vacation home, you might want to consider your insurance needs and
options. Vacation areas may have additional insurance risks due to weather or the risk of a
natural disasters such as flooding, wildfires, or avalanches. There are different types of
insurance you can consider to protect both your physical property and financial investment. Be
sure to find out which insurance options are suitable for you. 

Finding a Vacation Home Mortgage Specialist in Edmonton, Alberta

If you’re considering purchasing a vacation home or property, I am always happy to discuss
which mortgage options are suitable for you and answer any of your questions. Contact me to
set up your free consultation and get one step closer to owning your dream getaway location.