Own a Rental Property in Canada with Less Money Down
If you are thinking about investing in a rental property to build wealth, braoder regulations allow you more flexibility and leverage.
You can now purchase a rental property with as little downs as 0% and still qualify for the best rate mortgage. In the past, to receive the most competitive mortgage rates you were required to put down 25%.
In addition, purchasers can now use 80% of gross rental income to assist in qualifying for the mortgage. This is a substantial increase from 50%.
If you’re ready to own a rental property, be sure to:
· Use a real estate professional that knows the local market
· Ensure you have enough resources to manage the property over time
· Assess your rental income and budget for unforeseen repairs and vacancies
· Get an inspection before you buy so you know exactly what you’re getting into and you can budget accordingly
· Get a pre-approval to secure your mortgage amount and rate while you’re looking
· Use a Dreyer Group Mortgage Professional to ensure you the right mortgage at the best rate.
If you have any questions or would like to hear more about taking advantage of this product, I am here to help. Jared at 604 649-5991 or by email This e-mail address is being protected from spambots. You need JavaScript enabled to view it
