Mortgage on an house buying as an investment? |
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jenni011
First Time Poster
Cash: $ 0.25
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Joined: 14 Oct 2016
Location: Canada |
Mortgage on an house buying as an investment? |
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Hello guys! I will clarify my situation first. I have a good credit score. I am staying at a home I bought several years back on mortgage and all the mortgage payments were done on time without any delay until it was closed off. So I believe I am a good candidate, if I want to take another mortgage. I have got a good deal on a house I found in Toronto. I want to buy it as an investment by renting it out. I am not sure if a mortgage will be approved for a house I won't live in. I think contacting a mortgage broker in Toronto may help me, but not sure. Can someone clarify this or give any good advise about it?
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Thu Oct 27, 2016 6:09 am |
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ken-do-nim
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Cash: $ 16.50
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Joined: 08 Sep 2016
Location: Mansfield, MA |
Re: Mortgage on an house buying as an investment? |
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quote: Originally posted by jenni011 Hello guys! I will clarify my situation first. I have a good credit score. I am staying at a home I bought several years back on mortgage and all the mortgage payments were done on time without any delay until it was closed off. So I believe I am a good candidate, if I want to take another mortgage. I have got a good deal on a house I found in Toronto. I want to buy it as an investment by renting it out. I am not sure if a mortgage will be approved for a house I won't live in. I think contacting a mortgage broker in Toronto may help me, but not sure. Can someone clarify this or give any good advise about it?
People get mortgages for rental homes all the time. The APR is a little bit higher when getting a property for renting, but the mortgage is tax deductible as a business expense, as is all the money you spend on it.
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Thu Oct 27, 2016 4:20 pm |
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Monika555
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Joined: 26 Oct 2017
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I'm sure, it is possible to get another mortgage if all the current mortgage payments were done on time. A lot of people invest in real estate. I can recommend addressing ClearPath Lending. I took out a mortgage there, so I know they offer good deals. You can check the review about this company here https://clearpath-lending.opinion-corp.com/review.html.
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Sun May 23, 2021 10:47 am |
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