Your Mortgage Agent Can Help When Buying an Investment Property

Real estate has proven to be a sound long-term investment. If you’re thinking about buying an investment property, consulting with your trusted mortgage agent is a terrific place to start. Your agent can play a crucial role by providing valuable expertise throughout your investment property purchase and beyond.

Following are several ways your mortgage agent can help when purchasing rental property.

1. Financial Assessment. Your agent will start by assessing your financial situation, including income, assets, credit score and debt-to-income ratio. This helps determine your borrowing capacity, down payment options and ideal mortgage solutions catered to your unique needs.

2. Access to Lenders. Your mortgage agent has access to a wide network of lenders, including banks, credit unions, trust companies, and alternative and private lenders. They can shop around on your behalf to find the best mortgage rates and terms that suit your investment goals and financial situation.

3. Customized Solutions. Based on your financial assessment and investment objectives, your mortgage agent can tailor mortgage solutions to meet your specific needs. Whether you’re a first-time investor or a seasoned property owner, they can recommend mortgage products that align with your investment strategies.

5. Streamlined Process. Investing in real estate involves a little more complex mortgage application process. Your mortgage agent will streamline this process by handling paperwork, communicating with lenders, and coordinating with other parties involved in the transaction, such as real estate agents and lawyers.

6. Expert Advice. Your mortgage agent will provide expert advice and guidance throughout the real estate investment process. They can explain the nuances of different mortgage products, educate you about market trends and interest rate fluctuations, and offer insights into the local real estate market.

7. Ongoing Support. Even after securing a mortgage on your investment property, your mortgage agent will continue to support you by monitoring your loan, providing refinancing/renewal options when applicable, and assisting with any questions or concerns you may have about your investment property financing.

Other factors to consider

· Tap into the expertise of a realtor who specializes in rental income properties

· Talk to the local real estate board

· Educate yourself on landlord-tenant laws

· Consider neighbourhoods that will potentially offer a high return on your investment when the time comes to sell

· Look for move-in ready options

· Focus on areas that are transitioning or gentrified

· Talk to people who currently live in the area to learn more about the neighbourhood

· Find out about safety and crime rates by calling the local police station

· Conduct proper tenant screening

Have questions about buying an investment property? Answers are just a call or email away!