Life requires changes and perhaps you are in a situation where your existing home no longer suits your family, your lifestyle or your wallet. Purchasing your second home can be a crucial step to long-term prosperity. As you know, a home can be a wonderful investment that provides enormous financial gains as well as additional benefits, and a good home purchase can truly provide a savings plan that you simply cannot get when you are renting. Whether purchasing your second home means buying a bigger house, acquiring a condominium or simply moving to a new area, as a seasoned home buyer you know the importance of making the right choices now to save you money in the future.
As time has gone on, the value of your home has probably gone up, and this gives you access to equity that you can use when making your new home purchase. This means you are in a solid position to purchase a new home. And, if your income has also increased during this time then you can also look at accelerated repayment options to additional savings to your purchase. So, depending on your circumstances, now may be the time to consider purchasing a new home to ensure you are getting the most value for your money.
While there is probably never a bad time to buy the right house, it is vital that you take the time to careful consider your finances if you want to make sure that you do get the best buy. One of the keys to making a good second investment is finding the right mortgage to fit your circumstances. Whether you are looking at a fixed, variable or convertible mortgage, what you want to know is that you’re getting a competitive rate from a reputable agent or broker.
CompareMyRates.ca offers two decision tools Finding the Right Broker and Finding the Right Mortgage to assist you in making your next purchase.