Simplify your next real estate investment with our streamlined mortgage process. We ensure you get the ideal mortgage fit and rate, helping you save thousands.
Choosing the appropriate mortgage for an investment or income property can mean the difference between stress and satisfaction. You're in the right place—exceptional mortgages are our expertise.
Whether you're buying a property for rental income, future resale, or both, you'll need a minimum 20% down payment for this type of mortgage.
Our knowledgeable, salaried True North Mortgage brokers assist in navigating the specifics and present flexible solutions tailored to you. We liaise with multiple lenders on your behalf to find the mortgage product that best suits your needs.
Additionally, we extend our volume discount to offer you the most favorable rate. Even a slight reduction can save you thousands over your mortgage term, setting you on the path to real estate investment success.
With over $20 billion in funded mortgages and more than 15,000 five-star client reviews, we're ready to provide you with unparalleled service.
Invest confidently—we're here to assist. Contact us or apply online now to begin a straightforward, stress-free mortgage experience. There's no cost or obligation.
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A traditional mortgage requires a minimum 20% down payment and doesn't need mortgage default insurance. Also known as a conventional mortgage, it offers more options and flexibility compared to a high-ratio mortgage that requires insurance and comes with higher premiums.
Many lenders offer their best rates with a slight premium. Our expert True North Mortgage brokers consult with multiple accredited lenders and pass along our volume discount to secure the best rate for your situation.
If you have a 20% down payment, good credit, and sufficient income, you may qualify for a 30-year amortization, depending on the lender, which can help lower your payments. We'll promptly help you determine your best options.
Minimum net worth requirements vary among lending institutions. While most don't have a minimum, some require at least $100,000 net worth per rental property.
Debt Coverage Ratio (DCR) requirements differ between lenders. Some use rental offset for qualifying purposes, while others apply a 1.10% DCR, calculated by dividing net operating income by debt service.
Rental Offset Explained: A lender calculates 50%-70% of the rental income and offsets it against the principal, interest, and tax mortgage payments (PIT) for the property. Any rental shortfall from this calculation is included in the Debt Ratio, while a surplus is added to your net worth.
Example: For a rental property with a PIT of $1,432 and rental income of $2,000, taking 70% of the income ($1,400) and deducting it from the PIT ($1,432) results in a $32 shortfall, which is then added to your Debt Ratio.
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