Second residency question

[billybonks]

I was wondering what would better?

Buy with 5 % down as a second house in my home province.
what fees can I expect to pay (is there any other CMHC fees because it will be my second residency)
are they harder to get?

 

[housingrental]

Sorry what would be better vs what ?

 

[PeterKinchMortgageTeam]

QUOTE (billybonks @ May 22 2009, 01:03 AM) I was wondering what would better?

Buy with 5 % down as a second house in my home province.
what fees can I expect to pay (is there any other CMHC fees because it will be my second residency)
are they harder to get?

The high ratio premium is less if it is purchased as a second home than as a rental property, however if it is purchased as a second home it is with the understanding that it is to be occupied by the buyer (or immediate family member on a rent free basis) for a portion of the year. If you are buying it as a rental properyt, save yourself alot of headaches, and just pay the rental premium.

Rental property purchases and second residences are qualified in the same way - actually it would be easier to qualify a high ratio rental than a second home, as you can use the rents to qualify.

Hope that helps,