Mortgage for Rental Property Ontario
Buying a Rental Property can be an excellent way to grow your wealth in Canada. We can help make your real estate investing venture easy and maximize your return on investment with an amazingly low rate with a mortgage product that is perfect for you.
Buying a Rental Property in Ontario
Whether you're buying your first rental property or your 20th, we can help you find the perfect mortgage.
We have an intimate knowledge of all the lender rules and guidelines for rental property mortgages and will be able to get you approved for the highest mortgage amount possible at an incredible rate.
Investment Property Down Payment
The minimum down payment on rental properties in Canada is 20%. Your mortgage will be considered a “conventional mortgage”, sometimes referred to as a “traditional mortgage”, which is different than an insured mortgage.
Because your rental property mortgage won’t be insured, you can have as much as a 30-year amortization. This allows you to qualify for more and have lower payments for maximizing your cash flow.
Your down payment can come from the home equity of your principal residence. When you get started with us we will develop a custom mortgage strategy for you that allows you to achieve your goals in the most cost-effective way.
Qualifying for a Rental Property Mortgage
Your gross debt service ratio and total debt service ratios are looked at in the same way they are when qualifying for a mortgage on a principal residence.
To find out how much you qualify for the first step is to provide us with your mortgage application information and supporting documents. Once we have this information we will develop a mortgage strategy for you and your investment property mortgage goals.
As rental property owners ourselves, and with having helped many of our clients buy multiple rental properties; we will not only help you with your mortgage needs but also be available to offer ongoing advice and guidance.
If you would like us to screen your tenants for you we will do this as a value add, for free.
Using Rental Income to Qualify for Mortgage Canada
One of the great things about buying a rental property is that you can use the expected rental income in the mortgage application based on a market rents appraisal.
Different lenders have different guidelines as to how they will use this income and how much of it can be used depending on how many rental properties you already own.
Take advantage of our expertise so you can get approved for the highest amount possible with a competitive interest rate.
Mortgage Rates for Rental Properties
Mortgage rates for rental properties are typically a little higher than mortgage rates for principal residences. However, as one of Canada's largest mortgage brokerage companies, Dominion Lending Centres can offer you the best rates and products available.
Our large volume gives us access to discounts - and we pass those savings along to you.
Plus, you also get unbiased expert advice from an experienced mortgage broker that is dedicated to you.
Getting a lower rate can make a real difference in your ability to afford your rental property and the overall return on investment. We’ll develop a mortgage strategy for you so you get the most out of it, and ensure you get the lowest rate possible.
It’s free, it’s easy, and it saves you time and money.
Ready to get started? Get your free consultation today!
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Ontario Mortgage Broker
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