Investment properties
The right mortgage for your next investment property.
Whether it’s your first rental, your next home or a refinance, I’ll look at your situation, find a lender that fits, and walk you through every step.
Rentals and next homes
What I can help with
Each one works a little differently, and I’ll explain how yours works before you decide anything.
Buying a rental.
A house to rent out, a home with a suite, or a small building with a few units. I’ll help you find a mortgage that fits the property and your plans.
What I’ll ask first: Will you be living in one of the units, or is it purely a rental? How much do you have for a down payment? Are the units vacant, or are there tenants in them now? If there are tenants, do you know how much rent they pay?
Buying your next home.
When you already own a home, there’s that home, and any mortgage still on it, to think about too. Maybe you’re keeping it and renting it out when you move, or adding a second place. I’ll explain your options and walk you through every step, just as I would with a first home.
What I’ll ask first: What’s your plan for your current home? Where will your down payment be coming from? If you’re selling, do you have a firm offer on your current home, or would you like to talk about a bridge loan? A bridge loan is a short-term loan that can help with the down payment on your next home while you wait for the sale of your current one to close.
I work with buyers across PEI and Nova Scotia.
If you’re looking at a larger building that lenders treat as commercial, usually one with 5 units or more, I’d be glad to hear from you, so please get in touch.
Rental properties
How a rental is different
A rental isn’t looked at quite the same way as the home you live in, so here’s what usually changes, in plain language.
Your down payment.
When you won’t be living in the property, you’ll usually need a bigger down payment than you would for your own home: at least 20% of the purchase price. If you’ll live in one of the units, different rules can apply, and I’ll explain which ones fit your situation. In that case, the minimum is usually 5% for a property with 2 units, and 10% for one with 3 or 4 units.
The rent.
Lenders can count some of the rent toward what you qualify for, and they don’t all count it the same way.
I tell every investment client the same thing: make sure you’re factoring in all of your expenses, plus a bit extra for future improvements and general maintenance. The rental is a business, the property is the investment.
For the tax side of owning a rental, your accountant is the right person to ask.
Soubhi is fantastic, always a pleasure working with him to get any home or investment property
Getting started
What to have handy
If you have a rough idea of these, it helps me point you in the right direction.
What you’re planning.
Buying a rental, buying your next home, refinancing, or a mix.
The property.
Its price, or roughly what it’s worth, even if you’re still looking.
Your down payment.
How much you plan to put down, and whether it’s coming from savings, equity in your home, or both.
How you’ll use it.
Whether you’ll live there, rent all of it or rent part of it, and what it rents for, if you know.
Your current mortgage.
If you already own a home, roughly what you still owe on it.
If you’re not sure about some of these yet, that’s okay. I’ll help you work them out.
Step by step
How it works
It works much the same way as buying your own home, from your first question to closing day.
Your questions.
Ask me anything. I’ll explain how it works and what the next step would be, at your pace.
Your application.
When you’re ready, the application is where it starts, and I’ll guide you from there.
Your documents.
I’ll tell you exactly what I need and help you pull it together.
Your approval.
I review your application, find the lender that fits, and send it in.
Keys in hand.
Once you’re approved, everything goes to your lawyer’s office, and on closing day you get your keys. If you’re refinancing, there are no new keys, and your lawyer’s office finalizes your new mortgage.
Your bank can only show you its own products, not what else is available to you. There may be better options out there, and I’ll help you find the one that fits.
My services are free of charge. The only time there’s a fee is with alternative or private lending, and I’ll always talk that through with you first.
Refinancing itself can come with costs of its own, like a prepayment penalty, and I’ll go over those with you first.
Whenever you’re ready.
Start your application, or ask me a question first. Either way, you’ll be working with me from the very first message.
Or call or text me at 902-213-8844.