Investment Property Mortgage Kitchener, Waterloo, ON
Residential rental units are sought by many investors. Like any other investment, there are risks and rewards associated with this type of investment.
It is likely that a downpayment of at least 20% will be required for rental purchases. The credit score requirements are often somewhat higher than they are for the purchase of an owner occupied home. A full appraisal will be required.
Many lenders also impose a limit on the number of rental properties that an individual can own. This limit is often 4 or 5 properties. There are some lenders that have higher limits.
There are many lenders that participate in rental programs but their lending requirements are not standardized. It is important that the investor take the time to explore the many options that are available.
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