How to finance your dream property?

Warm weather is finally returning. You are enjoying practicing your favourite sports in the area, you fall in love with this piece of paradise and you decide to acquire a property here. After having done the visits with your real estate agent, you ask yourself how to finance your new project.

I called on a member of the RBC team at the Mont-Tremblant branch, who specializes in mortgage financing, to shed some light on the subject.

As is the case with every vacation residence, your financing requirements are unique. Our financial institution offers a “Second Home” mortgage. It allows you to finance up to 95 per cent of the value of your secondary residence.

You can also use part of the net value of your current residence. Thanks to the RBC Homeline Plan, you’ll be able to use the money for the purchase of a secondary home. This type of financing allows you to divide your mortgage and thus have the best of both worlds: a fixed rate and a variable rate. The advantage of this type of financing is its flexibility.

An alternative to traditional financing

If you have investment portfolios, you can also opt for a margin on these. This solution allows you to respond quickly and easily to your borrowing needs, while keeping your investment strategy intact in your unregistered account.

As you can see, several credit options are available to you to finance the property of your dreams. Given the fluctuation of interest rates and the most recent changes re mortgage financing, I invite you to contact us to learn about the solutions in effect at the time when you read this article. I would be pleased to refer you to Christiane Prégent, if needed. And…enjoy your summer!

Written in collaboration with Christiane Prégent | Mortgage Adviser | RBC Banque Royale | 759 rue de Saint-Jovite, Mont-Tremblant.


Francis Couillard38 Posts

Francis Couillard est Vice-président, gestionnaire de portefeuille et conseiller en patrimoine. Vice-President, Portfolio Manager & Wealth Advisor.


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