The latest in mortgage news: OSFI unveils minor changes to insurer capital adequacy test + MORE Sep 29th
“Before you buy a second home, you want to figure out what you’re trying to achieve—your goals and objectives,” says D’Arcy Henneberry, president of online mortgage brokerage MortgagePal.
Each lender has its own mortgage qualifying criteria, including how they look at your income and debt obligations, he says, so your first step should be speaking to a mortgage broker or financial advisor about your needs and financial situation.
That said, when it comes to affording a second home, here are the general rules and requirements to keep in mind.
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