Down Payment Required For An Investment Property

To purchase an investment property, mortgage lenders usually require a borrower to have at least a 20 per cent down payment. However, there are other mortgage programs that allow borrowers to purchase second homes with as little as 10 per cent down, such as cottage properties or housing for children studying away from home. 

The Maximum Mortgage Allowed On An Investment Property

When purchasing an investment property, lenders will finance up to 80 per cent of the property's value or up to 90 per cent of the loan to value if the property is being used as a second home.

Refinancing Your Existing Property To Buy An Investment Property

You can refinance your mortgage on your existing property to take access your down payment or equity required to use towards the purchase of your investment property. You can also obtain a home equity line of credit (HELOC) on your principal residence to fund the down payment on your investment property. 

​I can help you understand what is required in order to successfully purchase and manage an investment property while at the same time ensuring you obtain the best mortgage rate on the best terms. Give my office a call today to discuss your next purchase at (647) 773-4849

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APPLY TODAY & AND WE'LL BOOK A STRATEGIZING APPOINTMENT TO CONSIDER:

• Getting into a longer term which provides more security. 
• Getting a superior interest rate.
• Structuring your mortgage differently.