Investment Properties Mortgages
Most people are still unaware that Canadians are required to have a minimum 20% down payment on their investment property purchase; this requirement came into effect on April 19th, 2010. Urgent Mortgages Inc. can help clients get suitable mortgages for investment properties. Key considerations when applying for mortgages on investment properties are:
- Fixed, Variable, as well as Adjustable Mortgage options are offered by lenders
- Competitive rates are available on suitable terms
- Banks can lend up to 80% LTV
- Amortization periods of up to 30 years are possible
Higher Down Payment Benefits:
The more the down payment better it is. 20% down payment gives the buyer a lot of options when investing in a rental or investment property.
Think about it this way; when the down payment is 20% or more, the rate would be better and there is no requirement for mortgage insurance, making it more cost-efficient.
Urgent Mortgages Inc. packages your stable income, decent credit score, and down payment to get you a suitable mortgage with amortization periods up to 30-years.