Looking to buy a rental property?
Rental property mortgages help you with the purchase of investment properties. They offer cash flow, leverage funds and obtain an appreciating asset. I have helped many property investors with rental property mortgages at rates that they didn’t even know were possible for rental properties.
How Much Down Payment Do I Need For A Rental Property Mortgage?
You will require at least 20% down payment in order to qualify for a rental property mortgage. If your preference is for apartment buildings or buildings with more than 4 residential units, please see my commercial mortgage page.
How Much Income Do I Need For A Rental Property Mortgage?
Rental property mortgage requirements will vary depending on the lender and the property you are purchasing. I have some lender options that (in theory) do not require personal income at all. However, the property’s income will need cover the payments on the mortgage.
Is there anything else I need to know?
One item of note is that it is easier to finance homes with all legal units as opposed to unauthorized or illegal suites. However it is still possible to finance a home with illegal suites. Rooming houses are extremely difficult to finance and manage and should be avoided.
Another noteworthy item is (as much as I love the Vancouver area) that buying rental properties in the Vancouver area is difficult due to high prices and relatively low rents. Properties may not appreciate in value as quickly outside the lower mainland as in Vancouver but the cash flow will be better.
These guidelines to rental property mortgages are very general in nature, and are often changing, and it is a good idea to discuss your specific needs with me in order to determine what you can do with regards to rental property mortgages. Call me today and I would love to sit down and discuss with you how to grow your property investment portfolio.