Interest Only Mortgages

Our partnership with a major Canadian Trust Company has allowed us to offer an interest only mortgage ideal for income and rental properties. This program provides mortgage financing for rental properties with payments based on an interest only basis. Investors are able to maximize the cash flow and tax efficiency of their investment.

Fast, Safe, Secure Online Mortgage Application

Here are some details on our new Interest Only Mortgage for Rental and Income Properties.

Mortgage Highlights

Maximum Mortgage: $300,000
Minimum Mortgage: $50,000
Terms: 2, 3, or 5 years
Rate: Bank posted + 0.50%
Loan/Value: up to 75%
Lender Fees: 0.50%

Borrower Details:

Type: Personal or Corporate
Credit: 3 years reporting – max 3 R-2’s. Excellent in the last 12 months.
Income confirmation: Self declared stated income
Down payment : Verified
Secondary financing: Up to 100%. Details to be provided to Mortgage Lender
"Know Your Client" Mortgage Lender will ensure to its own satisfaction that income, net worth, credit, employment and mortgage amount are all reasonable.

Property Details:

Location: Minimum population 25,000
Type: Single family, Townhouse, Apartment Condo
Age: Minimum 2 years. Property must have a minimum remaining economic life of 35 years.

Appraisal Details:

Appraisers: The appraisal company must be approved by the Mortgage Lender. The appraisal must be addressed to and approved by Mortgage Lender. The cost is for the borrower.
Inspection: Mortgage Lender may conduct a separate inspection separate and apart from the appraisal, at its own cost.