 If
you wish to purchase or refinance an investment property, you may qualify
for an Investor Mortgage from the Royal Bank of Canada.
The Investor Mortgage allows you to purchase a single or multi-unit
property, up to a maximum of six units. If you plan on living in one of
the units and rent the others, you may only require 5% down payment and
may qualify for up to 95% of the value of the property. If you are not
going to be living in any of the units you may qualify for a mortgage of
up to 90% of the property with a 10% down payment.
You will also have the opportunity to choose from a wide range of
interest terms and interest types, including fixed, variable and
RateCapper with terms from 6 months to 25 years.
Extended amortization of up to 40 years is available with default
insurance.
The Investor Mortgage has two other very
attractive features. The mortgage is "portable". This gives you
the flexibility to 'port' your mortgage to a new property. It is also
"assumable" which allows you to sell your investment property
and have the new purchaser assume the mortgage.
 We
have very flexible payment options which will allow you to choose a
payment frequency that best matches your cash flow and still provide you
with the chance to pay down your mortgage faster. For example, you can
double-up the mortgage payment (minimum $100 to the equivalent of the
monthly payment) on any or every payment date. You can also increase
mortgage payments up to 10% once every 12 months. Finally, you can pay
down up to 10% of the original mortgage amount once every 12 months. You
can even extend the amortization period up to 40 years.
I look forward to
meeting with you to discuss your particular situation. Once I have all of
the information I need, I will show you how you can have both the
flexibility in budgeting and peace of mind as you move forward with your
new purchase.
Give me a call today to find out more about the RBC Investor
Mortgage. |
