INVESTMENT PROPERTY MORTGAGES
The Canadian market is great and huge when it comes to buying an investment property. If you have got some extra funds or have been saving a great deal of money over the years, it makes sense to invest the money in buying an additional property. Rather than buying a vacation home that might not be generating any revenue for you, an investment property can be an excellent choice instead.
Buying an investment property in Canada can help investors in the following ways:
- By adding extra income for retirement
- By building equity, thereby, increasing the net income
- Getting tax advantage
- Increasing the resale value by investing in the maintenance of property
Understanding Investment Property Mortgage:
An investment property mortgage is financing received for the purpose of investing in real estate. It is a customized mortgage loan and is a bit different from the conventional second loan. Before starting, you need to take into consideration what you’re planning to invest in, and then devise an investment plan revolving around the particular acquisition.
Mortgage Rates for Investment Properties:
An investment property mortgage rate is similar to a primary mortgage. With that being said, a few loan providers do not facilitate mortgages for investment properties.
Qualifying for an Investment Property Mortgage:
In order to qualify for an investment property loan, you will require making a down payment of 20%. You furthermore require a good credit rating, and have evidence of adequate income from the rental sources. You also require a non-rental income, which is enough for covering the mortgage payment.
Our Brokerage Team Can Help You Determine Your Needs and Get You the Best Rate:
Is the property that you are planning to buy a rental property, owner-occupied, or maybe a vacation home that you wish to use occasionally? Are you going to construct on the major portion of that property? Our team of capable and experienced mortgage brokers can help you in finding the right loan to suit your budget and requirements. We are experienced in investment property mortgages across Canada. We have a network of hundreds of banks and loan providers that compete for your mortgage, saving you all the hassle and time.