[exploration03]

Hi. Me and my wife own our own home and it's been about 2 years this coming April. We are also expecting our second child so were looking to make a few changes. The thought of purchasing a second home has always been part of our plans but just been waiting and saving for the right moment and I'm hoping we would be able to accomplish this before our second child is born.

So first. Why? We're planning to house our in laws from Toronto. They are retired and am willing to help with our children. We do not require rent or form of payment from them but our current home is not large enough to accommodate this many ppl and Kids.

Initially 2 years ago we were pre approved and only used about 60% of our approval amount to purchase our home. I was wondering if that 40% approved amount we didn't take advantage is still considered or will we have to re qualify again for a new pre approval?

We are not looking to buy a bigger home just an apartment or townhouse for the in laws that will be abit 30km from our principal home. I've done a bit of reading but this is all still very confusing to me as there seems to be so many options such as vacation home, investment property, co borrowing etc.

Our income and job stability has never been better and we realize that this would be the best timing for a second property. We used a broker and a realtor for our first home but I wanted to do my own research and come equipped with information before I contact them again just so I don't waste mine or their time. I know there's probably a few more information I'm lacking for you guys to give me a solid advise but just ask and I will respond. By the way my mortgage is with TD canada trust if that makes a difference, I know certain banks offer different programs.
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