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Rental Property Mortgage Approvals for all Situation::
- Declined by Bank
- Buying Additonal Rental Properties
- Home Equity Loan
- Mortgage Renewal
- Not enough Rental Income Surplus
- Low Credit Score
- Bad Credit
- Consumer Proposal
- Too Much Debt
- Debt Consolidation
- Issues with Income
- Mortgage Refinance
- HELOC (Home Equity Line of Credit)
- Negative Rental Income
- Buying Rental Condo
- Buying a Builder Home as Rental Property
- Cash Income
- Late Payments
- Missed Payments
- Over utilization of Credit
- Own Many Rental Properties
Why Purchase a Rental Property
Expand your investment Portfolio, Real Estate is a Great Investment! It has proven the test of time and is the most popular choice of asset to acquire for anyone who is looking to build wealth. It is no secret that Most Billionaires have acquired their wealth through Real Estate, and now you can too.
Why not have someone else pay the Mortgage and cost involved in owning a property while you can enjoy the benefits of Built up Equity and Rental Surplus.
Here Top 5 Reasons why getting a Rental Property Mortgage makes a lot of sense!
1. Asset: Invest that hold the test of Time and can be liquided in case of an Emergency or Cash Out Opportunity.
2. No Carrying Cost: Tenants pay the carrying cost through Monthly Rent
3. Recieve Monthly Income: Surplus from Carrying cost will generate you Monthly Income.
4. Build Equity: While your Tenants Pay down your Monthly Rental Property Mortgage you will build Free Equity, which can be used to purchase More Rental Properties.
5. Creates Generational Wealth: Real Estate can be passed down through Families from one generation to another
How Can I Refinance my Rental Property?
Unlike the Banks where there are a lot of challenges to overcome with your Rental Property Mortgage before you can be Approved, it is in your Best Interest to work with an Expert who can guide you through Rental Property Mortgage Refinancing process.
Here are some of the Areas, which Banks look at when you are Refinancing your Rental Property Mortgage:
- Rental Surplus: How Much of a Rental Income are generating
- Rental offset: Does the Rent offset the Mortgage Payment and Carrying Costs?
- Negitive Rental Income: Are you Losing Money by Renting the Property?
- Market Rents: Only 50% of Rental Income being used based on what the Market Rent
- Limit to Number of Properties: Banks will Limit you anywhere between 3 to 5 Rental Properties.
If you feel you are not able to overcome any of these areas when it comes to Refinancing your Rental Property Mortgage, you don't have to stress. Brampton Mortgage Broker - Rumy Gill works with multiple Mortgage Lenders who are able to Help Approve your Rental Property Mortgage. So that means you are able to Refinance as many Rental Property Mortgages as you like, even if you have 10 Properties or More, we can Help get you Approved.
We Provide Rental Property Mortgage Approvals for the following Properties whether you are Purchasing or Refinancing;
- Single Rental Property
- Builder Home
- Investment Condo
- Builder Condo
- Vacation Rental
- Condo Rental