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CALLING ALL REAL ESTATE INVESTORS!
Investing in rental properties can be a great way to build long-term wealth and financial security. Rental properties offer the potential for consistent rental income, tax benefits, and the opportunity to build equity in a tangible asset. So why not consider the potential benefits of real estate investing and explore your options for rental property ownership?
Are you a Canadian looking to invest in a rental property? We've got great news for you - getting a mortgage for a rental property is totally doable! But before you dive in headfirst, there are a few important things to keep in mind.
First and foremost, lenders may require a larger down payment for a rental property mortgage compared to a primary residence. This is because rental properties are considered to be a higher risk for lenders. Don't worry, though - with some planning and budgeting, you can make this work for you.
Another thing to consider is rental income verification. Lenders may require documentation to verify the rental income that the property is expected to generate. This can include rental agreements, rental histories, and income statements. It may seem like a hassle, but it's important to ensure that the rental income can support the mortgage payments.
And let's not forget about the property itself. Lenders may require an inspection of the property to ensure that it's in good condition and suitable for use as a rental property. This is because rental properties may be subject to more wear and tear than a primary residence. So be sure to budget for any necessary repairs or upgrades before you commit to a mortgage.
Now, we know that interest rates and fees can be a daunting topic, but don't let that scare you away. Interest rates and fees for rental property mortgages may be higher than those for primary residence mortgages. That being said, it's important to shop around and compare rates from different lenders to find the best option for your financial situation.
Last but not least, rental properties can have tax implications. Rental income is subject to taxation, but you may also be able to deduct expenses related to the rental property. It's important to consult with a tax professional to understand the potential tax implications of owning a rental property.
At Swivel, we specialize in helping Canadians obtain mortgages for rental properties. Our team of experienced mortgage professionals understands the unique challenges and considerations involved in financing a rental property, and we're committed to helping you achieve your real estate investment goals.
So what are you waiting for? Contact us today to learn more about how we can help you find the right mortgage to fit your unique financial situation and goals.