Rental and Vacation Property Mortgages

Investing in Rental Property?

We're here to help. If you are thinking about investing in a rental property there is an expanded selection of mortgage products available. We can help you get the best financing solution at the best rate.

0% Down Rental Property

Up to 100% mortgage financing is now available on all approved rental properties. Rental income can also be used to help you qualify for your rental property and calculations vary among lenders.  Insurance premiums (CMHC, Genworth, AIG) apply to these low down payment mortgages, however, talk to your tax accountant about how these expenses may be deducted from your income or future capital gain.

25% Down or More Programs

If you can put 25% down, there are lots of options available to you without the insurance premium, however many investors prefer to maximize their interest expense by using the insured mortgage options.

Most lenders will lend on the on properties up to fourplexes.  Financing for low-rise, condos or stacked town homes are not approved by all lenders. Properties with past “leaky condo” problems are generally problematic to finance, so be aware when shopping for your rental property.

Being an informed landlord is critical to the success of operating rental properties. The Residential Tenancy Act of BC governs residential tenancies, including landlord obligations. Please review the Guide to Residential Tenancy in BC, and print a copy for your renter as well.

http://www.rto.gov.bc.ca/documents/RTAGuidebook.pdf

Rental agreement forms are also available as well as other forms for rent increases, tenancy termination etc. http://www.rto.gov.bc.ca/documents/RTB-1.pdf

Whether it's a second home in the city to reduce that weekly commute, or a cottage at the lake for weekend getaways, you can buy that property sooner - and perhaps with no downpayment, depending on the equity you have in your other property.  Programs vary depending on your circumstances, so talk to us for your best options Contact Us.

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