Valley First

Buying Your Second Home

Buying your second home is kind of like having a second child; you already know what to expect because you learned a lot with the first one. At Valley First, we can provide you with the financing solution to suit your needs.

Financing considerations

  • If your new home is more expensive, you may need additional funds to ensure you have a minimum 5% down payment; or maybe you’d like to put 20% down so you won't need to obtain mortgage default insurance.
  • If you're moving to a less expensive home, consider making a larger down payment on your new home to reduce mortgage costs or use the money to renovate, invest or take a trip.
  • Since buying your first home, your income has probably gone up. If this is the case, you may want to consider an accelerated repayment option to save money on mortgage interest.


From insurance and taxes to maintenance and repairs, you'll need to consider any additional costs of buying a second home so that your budget supports the purchase.

Mortgage options

  • Transfer your existing fixed mortgage rate, mortgage balance, and maturity date to your new mortgage.
  • An assumable mortgage may make your home more attractive to potential buyers if they’d benefit from taking over your mortgage and its existing rate.
  • Bridge financing can help ensure you have enough money to cover the cost of two mortgages when your closing dates don’t coincide.

Other considerations

  • If you’re not selling your existing home, make sure you can cover the costs of financing both properties.
  • If you’ll need to break your existing mortgage to get into your new home, calculate the associated costs/fees so you can plan your finances.
  • If your credit or financial situation has changed since the last time you applied for a mortgage, this may impact getting your new mortgage.
  • It’s important to lay out what fees are involved in the sale of your current home (real estate fees, legal fees, land transfer tax, HST, breakage costs, etc.), that way you’re prepared.


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