One of the most common questions we get from our clients is how much the down payment will be on their investment mortgage.
While your lender will determine this amount, the down payment is typically a minimum of 20%. However, the down payment will vary depending on the type of investment: non-owner occupied and owner-occupied. If you live in one of the units, your down payment can be as low as 5%.
While investment mortgages are a fantastic asset to investors, they are not easy to attain. To qualify for an investment mortgage, the buyer must:
- Demonstrate sufficient rental income (proof through tenancy documentation or market rent)
- Maintain good credit history
- Demonstrate sufficient non-rental income
- Proof of down payment
When you make an appointment with our team, we will take the time to understand your investment plan, including the kind of property you are looking to purchase and how much revenue you are expected to generate. From there, we will be able to make appropriate recommendations for what type of investment mortgage could work for you.
Ready to chat about your first or next investment property? Send us a message or give us a call at 705-805-9055!