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Having your best interest at heart since 1985

Rental or Vacation Properties

 

Rental income properties can be excellent investments and an alternative way to earn a healthy income. However, when it comes to financing an investment property, they can be quite complex as lenders look at rental properties differently than owner occupied residences. Depending on whether your mortgage is to be conventional or high ratio, lenders will calculate your affordability differently either by using a rental add-back or a rental offset, while some lenders will allow for a certain debt service coverage ratio. Lenders also have different rules when it comes to sources and the amount of your down payment.

Confused? That’s why we’re here to help.

If you are considering purchasing an investment property, or possibly a home with a rental suite to help pay off the mortgage, you need to know your best options. Verico Nova Brokers are well informed on all rule changes within the industry and will help guide you through the process.

Rates

August 17th, 2022

TermNova Posted
VRM3.80Prime 4.70
1 year5.195.19
2 year4.595.14
3 year4.595.34
4 year4.995.79
5 year4.596.04
7 year5.346.30
10year5.496.55

RATES SUBJECT TO CHANGE - OAC.

Please contact the Nova Team for the "best deal" to fit your application.

The Nova Team Would Like to Work With You

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What our clients say...

We’re glad we had Felicity’s help

We had a great experience with our first home purchase and we're glad we had Felicity's help from the Nova team. She was helpful, knowledgeable Read More...

Mike Lukonin January 8, 2020

Subject to change without notice. Please contact one of our Mortgage Brokers to get started today.  Each VERICO broker is an independent owner operator.
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