HomeOpeners®: Secondary Homes Program

A long daily commute can siphon a lot of time over the course of a work week, taking a person away from healthy activities like sports, cooking wholesome meals and other hobbies. Today I’d like to share a story of how one young dentist was able to keep his commute to a minimum while continuing to remain a member of the rural community that he calls home.

Genworth Canada’s Secondary Homes Program allows qualified homebuyers to purchase a secondary home, with one manageable mortgage and with as little as a five per cent down payment.

Video Transcription

Hello, my name is Andrew Schwalm and I am an account manager at Genworth Canada.

A long daily commute can siphon a lot of time over the course of a work week, taking a person away from healthy activities like sports, cooking wholesome meals and other hobbies. Today I’d like to share a story of how one young dentist was able to keep his commute to a minimum while continuing to remain a member of the rural community that he calls home.

Dr. Stan Hudson knew he would ultimately practice dentistry in his hometown and his ties to the community remained strong having bought his first house there shortly after graduating.  However, the rather long daily commute to the city to work in a large dental clinic was beginning to take its toll on him. Dr. Hudson’s long-term plan was to work in the city to gain more experience while saving and waiting to establish a local practice of his own in his hometown.

Stan had resolved to moving to the city and selling his rural home until he met with his mortgage professional who told him about Genworth Canada’s Secondary Home program.

The program allows qualified homebuyers to purchase a secondary home, with one manageable mortgage and with as little as a five per cent down payment.

Stan secured a mortgage on a one bedroom condo in the city where he could reside during the work week.  He qualified for Genworth Canada’s Secondary Home program by investing five per cent of the purchase price and was able to afford to keep his rural home, too, where he spends his weekends. His name is on title for both properties.

Now he splits his time between the country and the city and enjoys the best of both worlds. He’s even joined a week-night ball hockey league and is making new friends in the city.

Genworth Canada’s Secondary Home plan opened another door to homeownership for this young professional and closed the ”car” door on daily commutes.

Know your options and ask your mortgage professional how Genworth Canada can help you realize the dream of homeownership sooner.

  • A conventional mortgage in Canada normally requires a down payment of at least 20% of the purchase price. When homebuyers have less than 20% for a down payment, Mortgage Insurance allows them to secure a mortgage for their home purchase.
  • Building a custom home according to personal taste and standards is the dream of many but can be daunting from a financial perspective. Today I’d like to share a story of how one young couple was able to build more than just a home...
  • Owning a weekend retreat by the lake is the dream of many. Today I’d like to tell you how one family traded in their hectic weekends in the city for the tranquility of cottage life on the lake...
  • Mortgages for Secondary Homes with as little as 5% downpayment.
  • Mortgages for Secondary Homes with as little as 5% downpayment.
  • Let your mortgage broker guide you through the process of securing a mortgage...

Achieve the homeownership dream sooner