Investment Property Mortgage
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Buying or Refinancing Your Investment Property?
(...get the leverage you deserve)
Investment properties are now accessible to many average Canadians. Investment properties, including single family and multi-family residential real estate, are now accessible to many average Canadians. The majority of homeowners will agree, real estate has been one of the most attractive investment categories in Canada for the past decade. There are many things to consider if you’re considering an investment in real estate. So start by having a conversation with an experienced Victoria Mortgage Broker to explore some of the innovative new options and great rates available today.
Your Income Property Mortgage Experts:
Your Best Deal...
- Many Lender Options and Terms
- More Flexible Than Your Bank
- Better Leverage
- Second Mortgages Available
What You'll Get...
- Professional Local Service
- Impartial Advice
- Comprehensive Needs Analysis
- Access to the Absolute Best Rates
How It Works:
Step 1: Initial Consultation
We take the time to understand your investment and income goals. What about a year from now or five years from now? Do you plan to buy more than one property? How will you maximize capital leverage and income in order to qualify for each property? What amortization is best for you? Aggressive repayment versus lower payments. Everyone has different goals. What are yours?
Step 2: Your Application
We will assist with all of the documents required and often will work directly with your accountant to get all of the necessary details in order to complete your application. Once that’s complete you we’ll present you with your rate and mortgage product options. We then work with you to go over the various options so you can make an informed decision. Then you are ready to buy.
Step 3: Your Pre-Approval
Successful investors will agree that buying right is a large part of investment success. Working with a dedicated realtor that can understand exactly what you need in terms of price and property income will make your search much easier. Everyone is looking for a great deal, but the property you are looking for must fit into your investment strategy.
Important Factors in a Mortgage Pre-Approval?
Income Qualification
Income qualification is different for everyone. It might be as simple as your last 2 years T4’s or Notice of Assessments. If you are self-employed it may require your full T1 General tax returns. And if you own a corporation we may need the corporate returns as well. In some cases it may be difficult for you to prove your income so we will have to find a suitable mortgage product that can accommodate your stated income situation.
Credit Scoren
Did you know that there are millions of errors on credit reports? And in some cases there is old data that is critically affecting your ability to borrow. We approach your credit report in logical way and do a thorough assessment so you can ensure the accuracy of the data. This is the number one reason we like to see people well in advance of their home purchase. Sometimes it can take months to repair a credit mistake. See us early and let’s make sure your credit is accurate. And what about the conventional wisdom that says your score goes down every time your credit report is accessed? It is quite possible that repeated credit access by potential creditors can affect your score. Since we only access your credit once and have access to dozens of lenders, we minimize this possibility.
Down Payment Verification
Are you planning to use savings for your down payment? You will need 90 days of account history. Are you planning to use a gifted down payment? You will need the proper gift form. What about using RRSP’s for your down payment? Yes you can do that as well. There are certain rules that allow you to access your RRSP funds without penalty, essentially loaning the money to yourself. The funds have to be paid back on a set schedule and you cannot have owned a home in 4 years. What if your co-applicant or spouse has not owned a home in 4 years, but you have? Well you can still use the $25,000 allowance from your co-applicant or spouse. Call us for details!
Closing Costs Verificationn
Most lenders will want to see about 1.5% of the purchase price available for closing costs. Closing costs are made up primarily of legal fees – budget around $1000 – and Property Transfer Tax. If you are a First Time Home Buyer and the property meets specific criteria this can save you thousands of dollars and the requirement for these funds to be available on closing can be waived. Call us at 250-483-5558 for more details.
