Investing in rental property?
We're here to help. If you are thinking about investing in a rental property there is an expanded selection of mortgage products available. We can help you get the best financing solution at the best rate.
5% Down Rental Property
Until recently, borrowers could purchase a rental property with as little as 5% down, however due to changes in the mortgage insurance industry (CMHC, Genworth, AIG), all investors are now required to put 20% or more down. Rental income can still be used to help you qualify for your rental property and calculations vary among lenders.
20% Down or More Programs
If you can put 20% down, there are many options available to you without the insurance premium.
Most lenders will lend on the on properties up to fourplexes. Financing for low-rise, condos or stacked town homes are not approved by all lenders. Properties with past “leaky condo” problems are generally problematic to finance, so be aware when shopping for your rental property.
Being an informed landlord is critical to the success of operating rental properties. The Residential Tenancy Act of BC governs residential tenancies, including landlord obligations. Please review the Guide to Residential Tenancy in BC, and print a copy for your renter as well.
http://www.rto.gov.bc.ca/documents/RTAGuidebook.pdf
Rental agreement forms are also available as well as other forms for rent increases, tenancy termination etc.
http://www.rto.gov.bc.ca/documents/RTB-1.pdf
Whether it's a second home in the city to reduce that weekly commute, or a cottage at the lake for weekend getaways, you can buy that property sooner - and perhaps with no downpayment, depending on the equity you have in your other property. Programs vary depending on your circumstances, so Contact Us to talk about your best options.
Home
|