As of the 19th of April, 2010; Canadian law requires that a down payment of 20% on the purchase of rental property should be made by buyers. Major features of the investment properties program include;
- With the Investment properties program, you can have adjustable, variable or fixed rate mortgages.
- The rates under the investment properties mortgage program are about the best available.
- With the Investment properties, mortgage, you can have amortization extending for periods in excess of 25 years up to 30 years.
- You can either purchase or refinance as much as 80% LTV for rental property of 1 to 4 units.
- There are no application fees and you get very competitive interest rates from us as well.
- A single mortgage plan with monthly repayments make the investment properties as convenient for you as they come.
- You are usually required to make a 20% down payment on the investment properties mortgage plan.
- After making the 20% down payment you will not be required to procure mortgage insurance.
- You get the best possible mortgage rates available with no hidden costs and fees to speak of.
QUALIFICATION FOR OUR INVESTMENT PROPERTIES MORTGAGE PROGRAM
To qualify for our investment properties program you will be required to meet the following conditions upon application.
- Evidence of your identification and provision of bank statements and certified copies of utility bills as evidence of places of residence.
- Proof of employment or business ownership and your expected income and revenue.
- A history of your credit rating and performance levels. In Canada many lending institutions have varying minimum net worth, while some others have no minimum net worth.