Grow Your Rental Portfolio with the Right Financing
Investment Property Mortgage in Calgary AB
A RECA licensed broker who checks rates across multiple lenders, not just one bank's number.
I serve investors in Calgary that require a lender familiar with rental income guidelines. This page will outline the types of investment property mortgages I offer, including purchase financing, refinancing, and how to grow your rental portfolio. I'll break down what to expect, how long the process takes, and what you'll need to provide me before our call. Please feel free to schedule a call whenever you're ready!
Unlike working with a single bank, I have access to multiple lenders for my investment property clients. Having more options means more choices, not less.
What Are the Requirements for an Investment Property Mortgage in Calgary?
To qualify for an investment property mortgage in Calgary, your credit, income and down payment are the keys to success. Rather than waiting until after you submit an offer, I prefer to review your financials first.
This process looks something like this:
- I pull your credit score and assess your debt ratio.
- You verify you have a minimum of 20% down.
- You collect all necessary income and rental income documents.
- I present you to an investor-friendly lender for pre-approval.
- You submit your purchase agreement for underwriting.
- We close and register the property.
Investment Property Mortgage Qualifications in Calgary
If you are just starting your first rental property purchase in Airdrie, Cochrane or Calgary, the first question to ask yourself is can I qualify? The answer lies in your credit, income and debt ratio. I always review your numbers before you begin your home search.
It is important to note that each lender in Calgary treats rental income differently. Some lenders will only include 50% of your rental income in your application, while others may include a higher percentage. I understand which lenders are best for your circumstances, which saves you from having to apply with a lender that doesn't meet your needs.
Determining the Best Mortgage for Your Rental Property in Calgary
Once you know your qualifications, the next step is determining which mortgage is best for your rental property. Some Calgary investors take out a standard purchase mortgage to acquire their next property. Others use a HELOC or refinance their existing property to fund a future down payment.
The type of rental property is also important. Some lenders treat Calgary condos differently than they do single family rentals. I will guide you through which loan type is appropriate for your property and goals, whether you are looking to generate cash flow today, or maximize equity growth tomorrow.
What Documents Do You Need for an Investment Property Mortgage in Calgary?
Having a complete package will help ensure a smooth process. I will specify what documentation you need to gather. Your down payment may be in savings, a HELOC or gifted equity. Calgary lenders may ask for your most recent property tax statement and, for condos, the condo fee documents. Having all of these items in place before you apply will save you time if there are any questions or concerns during the underwriting process.
When Will You Close on Your Investment Property in Calgary?
After you sign an agreement of purchase and sale, there is a timeframe for obtaining mortgage approval. I work efficiently to avoid putting your deposit at risk while awaiting approval.
Calgary closing times can extend in the winter months, so I factor in additional time when necessary. My intention is to finalize your mortgage terms prior to your closing date.
Renewing Your Mortgage Term on Your Calgary Rental Property
If you already own a Calgary rental property, renewing your mortgage term may present an opportunity for improvement. Never allow your mortgage to renew without evaluating your interest rate and terms.
The rental market in Calgary is subject to yearly fluctuations, which may influence whether you should consider refinancing upon renewal. I will compare your current terms to see if an adjustment is warranted.
Mistakes Calgary Investors Make When Obtaining Investment Mortgages
Purchasing additional rental properties involves stricter requirements. Some lenders in Calgary will limit the number of mortgaged properties a single investor is eligible for, which can catch investors off guard. I will advise you if a particular lender isn't a fit for your portfolio prior to submission, preventing a rejection after you have submitted your offer.
Why Choose Me
I've spent 40 years in Calgary's lending industry, including 33 years working directly inside a bank. That experience taught me how banks think, so I know how to get your file approved instead of guessing.
I'm RECA licensed and FCSI certified, and I broker through Dominion Lending right here in Calgary. As a local mortgage broker serving Calgary, I look at your full financial picture, not just your rate.
I was born and raised in Calgary and raised four kids here too. When you call my office, you're talking to someone who knows this city, not a call center. You'll get a straight answer about your investment property mortgage, not a sales pitch.
Frequently Asked Questions
Can I get pre-approved for an investment property in Calgary before I find one?
Yes, I can pre-approve you before you start looking. This locks in your rate and tells you your budget upfront.
How much down payment do I need for a rental property in Calgary?
Most lenders require a minimum of 20% down. I'll confirm the exact amount based on the property type.
Does rental income count toward my mortgage approval?
Yes, rental income counts, but each lender calculates it differently. I'll match you with a lender that counts it in your favor.
Can I refinance my Calgary rental property to buy another one?
Yes, refinancing can free up equity for your next down payment. I'll walk you through whether that makes sense for your situation.
What documents do I need to apply?
You'll need income proof, a credit report, and your current lease if the property is already rented. I'll give you a full checklist before you apply.
How many rental properties can I finance in Calgary?
It depends on the lender and your debt ratio, not a fixed number. I'll tell you where you stand before you apply for another one.
Contact
Ready to Finance Your Next Investment Property in Calgary?
The sooner you call, the sooner you'll know your options. I'll walk you through your qualifying numbers, your loan options, and your next steps, with no sales pitch.