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Rental Property Mortgage Loans





Rental property mortgage loans for any budding real estate tycoon -- if this is you, we have good news. Our broker channel lenders offer excellent income property financing if you are an "A" applicant. You can get income property loans for up to four rental units, under lenders' residential rental program. 

What does this mean for you ?  

You're a fit for "A" residential rental property mortgage if you have good credit and enough combined rental with your personal income to cover the mortgage and property expenses meeting the income and debt service ratios required under this financing. You can own up to 4 rental units to qualify for this mortgage.

You can buy a rental property with 20-25% down. Rental property mortgage refinance is available up to 75-80% of value depending on the property, location and the strength of your appplication. You'll even get 30 year amortization to keep your payments low and best interest rates at the time of application. 

residential multi-unit rental apartments

Canada Mortgage and Housing Corporation offers residential investment property financing insurance to buy a residential multi unit apartment building. Your mortgage amount depends on the size, number of units, income, property condition and area.

Not every rental property mortgage loan is the same

Every situation is unique and varies from good to bad credit, whether or not you have enough proven income to qualify or if you're self employed and can't prove income on your tax returns.

Every income property as well as your credit is evaluated on individual basis. Even if you have credit problems or your circumstances are a little "out of the box" we have alternative lenders that offer investment property financing, at a bit higher interest rate.

But if the property you are buying or refinancing is rural with a well and septic tank, the maximum you are likely to get is 65% of property value. If you can't come up with your own 35% down payment then you can get private mortgage lenders help to top off the difference.

In this situation, private mortgage lenders will likely give a private second mortgage up to 75-80% of value.

And what if you are a self employed no proof of income borrower?

We have income property loans for you too. In your situation, you may still be able to buy or refinance your rental property up to 75-80%. In your case, the lender will likely want to see your business bank statements showing income deposits -- these are combined with rental income to qualify.

These are general guidelines and each investment property mortgage needs to be assessed to make sure it is a good fit for you -- if you're searching for best mortgage help, I look forward to speaking with you.

Marie Copeland FSU, Mortgage Broker

Top Stories

Private mortgage lenders can be good alternative financing.

Private second mortgage can be used as a top-up behind the first.

Investment property mortgage for rental properties can be fall under lenders' residential rental portfolio under 8 units.

Call 905.537.8815, or

Banks and "A" Lenders pay us for your service. EXCEPT bad credit mortgages, some self employed mortgages, private mortgages or multi-use and commercial loans - broker fees are payable by clients. 

*Lenders change their products and interest rates without notice.

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