Mortgage Financing for Investment Property Or A Second Home
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Mortgage Financing for Investment Property Or A Second Home                                                

 You can use your rental income or market rents" to help qualify for financing an investment property. Some lenders allow up to 100 percent of your rental income to be added to your gross income, which helps you qualify for a larger mortgage.

Down Payment Required For An Investment Property
To purchase an investment property, mortgage lenders usually require a borrower to have at least a 20 per cent down payment. However, there are other mortgage programs that allow borrowers to purchase second homes with as little as 10 per cent down, such as cottage properties or housing for children studying away from home. 

The Maximum Mortgage Allowed On An Investment Property
When purchasing an investment property, lenders will finance up to 80 per cent of the property's value or up to 90 per cent of the loan to value if the property is being used as a second home.

Refinancing Your Existing Property To Buy An Investment Property
You can refinance your mortgage on your existing property to take access your down payment or equity required to use towards the purchase of your investment property. You can also obtain a home equity line of credit (HELOC) on your principal residence to fund the down payment on your investment property. 
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​I can help you understand what is required in order to successfully purchase and manage an investment property while at the same time ensuring you obtain the best mortgage rate on the best terms. Give my office a call today to discuss your next purchase at (519)533-7448