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Mortgage on an house buying as an investment?

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jenni011
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Mortgage on an house buying as an investment?  Reply with quote  

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?
Post Thu Oct 27, 2016 6:09 am
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ken-do-nim
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Re: Mortgage on an house buying as an investment?  Reply with quote  

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.
Post Thu Oct 27, 2016 4:20 pm
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