Mortgage Architects ~ Rob Cagnin, AMP

Renovations and Investment Properties

Mortgage lenders make no bones about it. They are tougher on cottage or second-home mortgage applications than on primary home loans. Why? When acquiring a second or third property, debt obligations on any other properties owned need to be taken in to consideration. Also if the property is a cottage, the lender may deem it a little less liquid with values more volatile than properties in major urban centres. When purchasing rental properties another issue is that the banks traditionally only use anywhere between 50% and 80% of the rent being earned while including 100% of all mortgage payments, property taxes and heating costs.

Financing a renovation can be challenging due to the fact that there are several different specialty renovation products available and several different ways to finance construction. The various products and options available all have pros and cons which need to be carefully considered.

We can help simplify the process whether you are looking to buy an additional property or renovate an existing home. With over 50 lenders to deal with as well as my expertise in dealing only in mortgages, we can help make the process as stress free and simple as possible so you can get back to worrying about the important things. Allow us to take the stress of dealing with the financing off your plate. Call today to discuss your options.

Useful articles:

Download Adobe Reader

Contact me by Email: rob@robcagnin.ca, or by Phone: 905-634-6111 Ext 113.