Financing a Rental Property
With an investment property mortgage in Victoria, BC, you can get the keys to your rental property quickly and start generating profits fast. Investing in real estate is a smart move – make it smarter with this type of specialized financing.
An Overview on Rental Property Financing
Investing in real estate has a variety of different opportunities – from renting out property to taking on additional debt through a second mortgage. If you already have an existing home loan, the new agreement will be similar but your total credit amount owed must be taken into account.
PROS of purchasing a Rental Property
- For those seeking financial freedom, rental investments can be an attractive avenue to explore. Investing in real estate may present a steady stream of income that could drastically improve one’s overall lifestyle – without regular full-time commitments.
- Invest for the future with a diverse portfolio, including rental properties. Diversifying your investments can help to maximize returns while shielding against risk in today’s ever-changing real estate markets.
- Investing in real estate can be an excellent way to build wealth and safeguard it for the future. As you pay off your mortgage on a rental property, your net worth will steadily rise – providing protection even during challenging economic times.
How to Qualify
Rental property investment can often be more stringent than purchasing a home to live in, as lenders typically require higher down payments and superior credit ratings. If you have equity built up from previous mortgage success stories, your chances of being approved increase significantly. Lenders financing offers may differ depending on the number of rental units. Also, with respect to how they allow rental income to be used within their policy guidelines.
What’s Next?
As a first-time investor, the purchasing process of multi-unit properties can be daunting. Even with excellent credit and a reasonable down payment it is still important to give yourself enough time. After an initial application, we will start amassing all relevant paperwork needed for submission. From there, we will apply with our trusted lender partners to work through the application details. Finally, we will have an approval from several lenders allowing the investment transaction to move forward with the purchase.
