To get details about investment property mortgage
A few days back I read about investment property mortgage (http://www.mortgagesmortgages.ca/mortgage-options/investment-property/). I need to get more clarity about this from the people who did this before. I guess the interest rates and other requirements will differ from normal mortgages. Can somebody give me a rough idea about the interest rates, required documents and the procedures involved in this? Also tell me whether it is a profitable option or not. Getting replies from the people who have invested in such properties would be helpful. Thank you in advance.
Investment property mortgages is a broad term. The rates, terms and qualifications do differ from buying your primary residence. For investment properties they will vary depending on the type of investment property i.e. residential 1-4 units, mixed use (containing apartments and a commercial space), residential-commercial (5+ units), apartment complexes, single family fix-and-flip properties, and more.
The first step is to decide which type of investment property you’re looking to finance. Then you’d find lenders who offer loans for those types of properties.
Here are some articles we’ve written on investment property loans:
Hope this helps!