As a first-time homebuyer, we understand the importance of flexibility. Our Mobile Mortgage Specialists bring the branch to you, accommodating your schedule and providing personalized service, ensuring you can easily navigate the journey to your first home without any unnecessary stress.
Mortgages
Buying an investment property
Remember playing Monopoly? The excitement of buying property and earning money from your assets was a rush. For many people, owning real-life investment properties can be just as exciting! Picture the fun of building your own real estate empire, picking properties carefully, and making smart money decisions. We know this adventure can be both thrilling and challenging and we’re here be the ‘banker’ in your real-life dreams.
Your step-by-step guide to buying an investment property
The step-by-step guide below is a comprehensive guide tailored to support you at every stage of your journey - from research to buying. While some may prefer a hands-on approach, remember that we're here for you every step of the way. Feel free to dive into the process independently, but don't hesitate to reach out to us whenever you need guidance. Together, let's navigate through each step, starting with the first, and transforming your dream of owning an investment property.
Step 1
Assess your finances
Assess your financial readiness for an investment property, figuring out affordability and budget constraints using our Mortgage Affordability Calculator and Budget Calculator.
You will require a 20% down payment as well as 1.5% of the estimated purchase price for closing costs. Consider using a short-term deposit or Tax-Free Savings Account to save.
Step 2
Connect with a financial expert
Contact one of our Mobile Mortgage Specialists or Financial advisors to discuss your investment property plans.
Work with them to understand what documents you may need to complete your mortgage application for an investment property. This could include things like a market rent report, building appraisal, etc.
Discuss any property type restrictions for financing.
Understand and choose the mortgage product that’s right for you depending on factors like whether you want a fixed or variable rate or an open or closed term. Plus, choose the amortization length that fits best with your financial goals.
Step 3
Get pre-approved
Work with your Mobile Mortgage Specialist or Financial Advisor to lock in a mortgage rate and begin the pre-approval process. Once you’re pre-approved, you’ll have a clear picture of how much financing you can access. This helps determine your budget while shopping for property.
Step 4
Draft your offer and proceed
Work with a realtor to find your ideal investment property, and then draft an offer to purchase. We recommend working with a lawyer to ensure the proper legal processes are followed.
Once you have an offer, you can go ahead with your mortgage application.
Investment property financing
Flex feature mortgage options
25 to 30-year amortization options
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