If you’re considering an investment property mortgage, there are a few options available to you. We will work with you to understand your unique situation and find a solution that takes all your needs into consideration.
This is the most common type of mortgage and is offered by most lenders. It usually requires a down payment of at least 20%, and the interest rate may vary depending on your credit score and other factors.
If you don't have a large down payment, you may be able to qualify for a high ratio mortgage. This type of mortgage allows you to put down less than 20% of the purchase price, but you'll have to pay for mortgage default insurance.
If you're buying a property to rent out, you may be able to qualify for a rental property mortgage. This type of mortgage is designed for investment properties and may require a higher down payment and a higher interest rate.
Investment property mortgage rates can vary depending on several factors, including the lender, the type of mortgage, your credit score, and the location and type of property you’re buying. In general, a conventional mortgage has an interest rate of around 2.5% to 4%. In a high ratio mortgage, you can expect to pay a slightly higher interest rate, usually between 2.8% to 4.5%. For a rental property mortgage, the rate ranges from 3% to 5%, depending on the lender and the type of property you’re buying.
Getting pre-approval is a valuable first step in your home purchase process. Once you’ve found a home you love, you’ll be that much closer to getting the keys.
Before you start looking for properties, you may want to get pre-approved for a mortgage. We can assist in putting together an application to lenders and providing relevant information.
We connect with our network of lenders to find you the best options and rates based on your investment mortgage needs.
After finding some viable options, we’ll sit down with you and go over the terms and conditions. This comprehensive review will equip you with all the necessary information available to make the best decision.
Whether you’ve found a property or are looking to secure a mortgage first, we’ll ensure your formal application has everything it needs to get approval. Additionally, the lender may require a property appraisal which is often a necessary step.
Once your application has been approved, we’ll walk you through the signing of all paperwork before you take ownership of the property.
Are you interested in securing an investment property mortgage to expand your assets or increase your income? Connect with us, and we can discuss the options available to you.