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Rental and investment · British Columbia
Mortgages for rental and investment properties
Buying a rental, adding a suite or using one property to buy the next: lenders treat rentals differently, and the right one makes a big difference.
Service in English, Punjabi and Hindi · ਪੰਜਾਬੀ · हिन्दी
Options
What I help with
- Rental condos and houses you won't live in.
- A home with a suite, where rent helps you qualify.
- 2 to 4 unit properties.
- Using equity in your home to buy another property.
- 5+ unit buildings: see commercial and MLI Select.
Down payment
How much you need
For a rental you won't live in, expect at least 20% down. If you live in one of the units, you may be able to put down less with mortgage insurance. Lenders count part of the rent toward your income, and each lender does it differently.
Planning
Grow your portfolio
The lender you pick for your first rental can limit your second. I look at your long-term plan so each mortgage leaves room for the next, and I can introduce you to lenders that focus on investors.
Questions
Frequently asked questions
How much rent can count toward qualifying?
It depends on the lender. Some add a share of the rent to your income, others subtract it from the property costs. I compare which method helps you most.
Can I use my home equity for a down payment?
Often, yes, through a refinance or a HELOC on your home. The borrowed amount must still fit your debt limits.
Do I need a property manager?
Lenders don't require one, but they will want a lease or a rental appraisal showing the expected rent.
Planning a rental?
Tell me about the property and your plans. Service in English, Punjabi and Hindi.