Buying your first investment property can be overwhelming. The financing is a bit more complicated than the type of mortgage you normally take out on your home. A good place to start is working with an experienced professional who can explain your borrowing options and solutions. This is exactly why One Link Mortgage brokers exist.
How to begin the mortgage process:
- Complete a secure online application. Your mortgage broker will review your application and ask you to provide the required documents (see below).
- Your mortgage broker will research the best product and rates available to you and submit your application to the lender best suited to your situation. Additional documentation may be required.
- Once approved, your mortgage broker will review the commitment and conditions with you. After the commitment is signed, the mortgage lender will send instructions, along with the final documents to your lawyer.
- You will meet with your lawyer in order to sign the final loan document.
To qualify for a mortgage, you will need to provide the following documents:
- The Agreement of Purchase and Sale, as well as the new property details
- Proof of down payment and closing costs
- Proof of income (job letter, pay stubs, Notice of Assessment for 2 years or T1 Generals if self-employed)
- Proof of existing renters
- Zoning documentation
- Credit check – your mortgage broker can do this for you. The higher the score, the better. Minimum should be at least 680.
- Debt ratio calculations – your mortgage broker will do this for you.
- Existing property details – if you have other properties, you will be required to provide details
Why use a mortgage broker? At One Link, we provide Trusted Mortgage Advice. We have a mission of helping people make their homeownership dreams a reality and have always been focused on delivering the best experience possible to our clients. We work with over 50 different lenders in order to offer our clients options AND solutions.
Contact One Link Mortgage today to discuss your investment property options!