Investment Properties (Rentals)
The Mortgage Advisors can provide financing for up to 80% of the appraised value of your rental property, offering competitive rates with a range of terms and lenders. This is the ideal solution if you’re considering:
- Acquiring a rental portfolio of one or more properties to create income and equity
- Converting your current home into a rental property
- Purchasing a property for your child to live in
Rental financing can be a little more challenging than your typical owner-occupied property. Things like number of units, down payment amount, and how many other properties you own all can have an impact on qualifying and which lenders are an option.
When buying an investment property, you are likely looking to put as little down as possible to gain maximum leverage. This could include refinancing your current property to access equity for the down payment.
Another point to consider is longer amortization periods for two main advantages, the interest paid on these mortgages are tax deductible, and the lower monthly payment can reduce your monthly carrying costs.
Buying a property to rent out can be a great investment. It could appreciate in value over the years while giving you a steady monthly income while the rent collected reduces the mortgage balance.
Book a consultation with a Mortgage Advisor today.