I will like to buy an investment property.Will I qualify ?
Investors who are interested in acquiring real estate to balance their investment portfolio and build their equity position should consider that lenders have certain requirements when buying those properties:
- if you are self-employed and cannot prove income,certain conditions apply
- your credit history must be better than average, many lenders require a minimum Beacon score for such purchase
- certain lenders do not accept borrowed down payment, you must save it yourself
- loan to value(LTV) ratio may me lower than when buying an owner-occupied property
- location, size, number of units and type of property you are buying can differ from lender to lender
- total number of properties that you own it's an important factor
- mortgage interest rates for an investment property can be higher , depending on the lender
- same lenders will not be offering variable rates for certain properties
- maximum amortizations conditions apply
- minimum personal worth required by certain lenders
TIPP!!!
Did you know that the interest portion of your rental property mortgage payments may be tax deductible?
Contact Doina for further information and consultation at 
(403)613-2205