I will like to buy an investment property.Will I qualify ?

Investors who are interested in aquiring real estate to balance their investment portfolio and build their equity position should consider that lenders have certain requirements when buying those properties:

  • if you are self-employed and cannot prove income,certain conditions apply
  • your credit history must be better than average, many  lenders require a minimum Beacon score for such purchase
  • certain lenders do not accept borrowed downpayment, you must save it yourself
  • loan to value(LTV) ratio may me lower than when buying an owner-occupied property
  • location, size, number of units and type of property you are buying can differ from lender to lender
  • total number of properties that you own it's an important factor
  • mortgage interest rates for an investment property can be higher , depending on the lender
  • same lenders will not be offering variable rates for certain properties
  • maximum amortizations conditions apply
  • minimum personal worth required by certain lenders

TIPP!!!

Did you know that the interest portion of your rental property mortgage payments may be tax deductible?

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119 ARBOUR BUTTE Road

$490,000

  • 1,935 sq.ft.
  • 3 Beds
  • 2 full & 1 half baths
  • Listing Provided By:
    URBAN-REALTY.ca