Many people think that investing in Real Estate is the key to wealth and Winnipeg has a great housing market to support real estate investing.
When it comes to arranging mortgage financing to purchase an investment property, there are a few different ways to do it.
The right way depends on what type of investment property you're purchasing.
Many people like the idea of owning a property and renting it out either short or long term.
A short term rental might be a home/cottage or condo in an area that is popular for tourists. The people that rent these types of properties usually only do so for a week or two at a time.
Long term rentals are generally homes or condos which are rented by people as a place to call home.
When purchasing a rental property, the mortgage is structured a little differently than a mortgage on a residential home that you'd be living in.
Your down payment must be at least 20% of the purchase price (under current regulations) and there may be a slight premium added to the interest rate but other than that, they are pretty much the same mortgage products as the one you'd get for your primary residence.