Mortgage for Rental Property Ontario

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!

Free Quote

Get a FREE quote and no obligation consultation.

Client Testimonials

“My expectations are consistently exceeded when dealing with Catherine. I have always dealt directly with Banks for my mortgage needs and can say that this experience with a Broker has been incredible. Catherine is there when we need her, she keeps us grounded so that we make the right decision in this nutty market we find ourselves in. While we are still looking for that perfect Investment Property, I would not have wanted to spend the last several months on this journey with any other than Catherine. When our primary residence mortgage comes up for renewal I know exactly who I will be calling. ... and now I can add that the mortgage experience was also 10/10 as we were able to make that purchase and go through the process with Catherine leading the charge! Thank you for everything!”

Sherry Joseph

“Our experience in dealing with Catherine Evel for obtaining our mortgage was nothing short of excellent. All our questions or concerns, which were many, either sent by email or phone calls were returned promptly. Catherine is a true professional and we highly recommend her services. R.Roy and P.Cryne”

Peter Cryne

“Catherine has helped us get mortgages for 10+ years now. She helps us to get the best competitive rates. She provides advices to best suit our financial situations and get the best outcomes. She makes sure all inquiries are top priority and respond promptly. We highly recommend her and we will only go to her for our future mortgages.”

Wendy Tu

“I have been working with Catherine and her team for many years now. I trust her judgement on getting me the best mortgage rate for my investments and home. Polite, Professional, Knowledgeable, Patient and responsive to all my questions and concerns through the whole process. Couldn't be happier!!”

Ken flynn

“Had a great experience. I had a short time frame to ensure I had funding for my mortgage and Catherine handled it with ease. Communication was quick, clear, and comprehensive. Absolutely would recommend.”

Brad Weemhoff

“I have used Catherine Evel as our Dominion Lender broker for 5 transactions now. Working with them definitely brings the stress of moving and remortgaging down. Very impressed with the efficiency and thoroughness of this group and I have recommended them to many others.”

Trevor Cottrell

“Great service! We've been customers for over 10 years! I recommend to all.”

Mike Raposo

“We were really happy with the service that Catherine provided to us when we purchased our last home. Previously we had always gone through the bank to get a mortgage, but wanted to investigate other options. A friend of ours suggested Catherine, and we were really pleased with her professionalism, promptness and attention to detail. She explained everything to us very thoroughly and also assisted us when we were looking into investment properties. We would definitely recommend Catherine to our family and friends!”

Judy McKinlay

“Catherine and her team were recommended to us by our real estate agent when we were purchasing our new home. From our first visit to our last phone call, Catherine and her team have been wonderful! Everyone has been very polite, helpful and patient with all our questions, no matter how many times we asked for further explanation. I would strongly recommend Catherine and her team to anyone who is looking for a mortgage professional. We will certainly continue to use Catherine's services.”

Shelley Sager

Ontario Mortgage Broker

Get a FREE quote and learn your options with no obligation.