Across Toronto, many entrepreneurs turn to rental properties – both renovated existing ones and newly built complexes – as ongoing revenue streams that are in perpetual demand as the Greater Toronto Area’s population continues to expand. That being said, you’ll be expected to demonstrate the following viability criteria to your prospective lender before receiving a mortgage offer:
- Prove projected earnings roughly equal to $1.30 for every $1.00 of accumulated debt, demonstrating viable potential for profit
- Proof of mortgage insurance for 65% or greater financing of the property value
- Revenue covering both operating expenses and mortgage obligations.
We’re ready, willing, able, and excited to consult with you one-on-one, free of charge, to show you how Toronto’s Ontario Mortgage Expert representatives can put the competition of lenders at your fingertips today.