You have decided to purchase a home, or are thinking about buying one on an island, it’s a great idea!  You'll be joining the ranks of hundreds of families who realize that home ownership offers a number of benefits including building equity, saving for the future, and creating an environment for your family.  When you own your own home, your hard-earned dollars contribute to your mortgage. The equity you earn is yours.  Over time, your home may increase in value.

Buying a recreation property is often seen as something that's attainable only for people with an extensive amount of disposable income. In fact, a second property is more attainable than many people think, and you don't have to wait until retirement. It's just a matter of getting your financial ducks in a row. For example, many people might not realize that taking a second mortgage on their home could be an option for financing a holiday home.

How much down payment to expect varies on the lender and what kind of mortgage insurance package you take. Different mortgage insurance packages offer different requirements. Some have an income qualifier, while others place limits on what kind of property is eligible. The first step for all those who are thinking of buying real estate on an island would be to go to the bank and have a view of your entire financial picture. Find out what you're comfortable with and what your future needs are and if all is favorable, you will soon have your personal vacation home on your favorite island!