Investment / Rental Property Mortgages
Investment / Rental Property Mortgages
Our Financial Planner/ Advisor in Oshawa can assist you with the best solution
It is important to understand how mortgage lenders underwrite properties that are to be used to generate rental income. Lenders will often calculate what the potential property can generate using either a market rent analysis or the existing rent payment (assuming there are already tenants) and then deduct the expenses such as mortgage payment, property taxes, condo fees (if applicable), insurance, etc. to determine your debt load.
They will then use this information, along with other personal information such as your overall income, liabilities, and other monthly obligations to determine your ability to qualify for the mortgage.
At a minimum, you will need to have at least 20% of the purchase price available as a down payment.
If you are looking to purchase your first investment property or already own a few properties, let us use our expertise to help you find the right mortgage (and best rate) to finance your next project.
There are also still insurance programs available for a 20% down payment. One such program is a CMHC Mortgage loan insurance that enables approved lenders to help borrowers purchase multi-unit properties with a 20% down payment at very competitive interest rates.
Offering Real Estate, Financial Planning, and Mortgage Services to clients across Durham Region, Sunderland, Uxbridge, Bowmanville, Port Perry, Ajax, Oshawa, and the surrounding areas.
Contact True Wealth Advisors – Financial Planner / Mortgage Broker in Oshawa, Ontario
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