Can I Get a Mortgage for an Investment Property?
An investment mortgage is available to qualified borrowers who wish to purchase a rental property.
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
Not sure if you qualify? Consult with one of our mortgage experts. Our many years of experience and relationships with investors and lenders will help streamline the process.
How Much Do You Have to Put Down on an Investment Mortgage?
One of the most common questions we get from our clients is about 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%.
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.
We have access to the best lenders in the area and can help you find a company that will support your investment plan and provide fair interest rates. We will find the best product and rate that fit your financial plan.
Are Investment Property Mortgage Rates Higher?
Depending on your qualifications, and the price of your down payment, a borrower will be able to qualify for fixed, variable, and adjustable mortgage rates.
It’s important to note, however, that the more money you can put down on your property, the lower the interest rates will typically be. It may be worth to invest a more significant sum from the beginning and enjoy a lower rate and longer amortization period.
Discover Your Investment Mortgage Options with Today's Mortgage Choice
When it comes to investing in income property, there are many factors to consider. The team of experts at Today's Mortgage Choice has been guiding homeowners through mortgage investments for years. We can help you find the loan you need at a price that makes sense for your financial goals.
To get started today, get in touch with us and book a consultation.