Brokers For Life
Toll Free 1.866.902.7771
Real Life Mortgage Solutions www.brokersforlife.ca
Purchasing Rental Properties in Edmonton Brokers For Life Inc. 2nd Floor, 5303 91 Street , Edmonton, Alberta T6E 6E2
www.brokersforlife.ca
Brokers For Life
Toll Free 1.866.902.7771
Real Life Mortgage Solutions www.brokersforlife.ca
During the recent changes in the CMHC rules have brought about some interesting new rules for the rental purchaser. These rules have been changing for about the last decade as there was a time when you could purchase rental properties with as little as 5% down payment and receive a credit of 80% of what is known as rental properties.
Brokers For Life Inc. 2nd Floor, 5303 91 Street , Edmonton, Alberta T6E 6E2
www.brokersforlife.ca
Brokers For Life
Toll Free 1.866.902.7771
Real Life Mortgage Solutions www.brokersforlife.ca
Requirements for Purchasing Rental Properties in Edmonton Today’s rules have changed so much that you will now find yourself requiring at least a 25% down payment and depending on the lender as little as a 50% rental offset. Many lenders also want to ensure that if you have more than one rental that you have one of the following, enough other liquid assets to cover for each rental that you have, some will want you to have a DCR (debt coverage ratio) of at least 1.2.
Brokers For Life Inc. 2nd Floor, 5303 91 Street , Edmonton, Alberta T6E 6E2
www.brokersforlife.ca
Brokers For Life
Toll Free 1.866.902.7771
Real Life Mortgage Solutions www.brokersforlife.ca
Determining Your Rental Offset
Determining your rental offset has also become a complex process, in our submission system known as filogix there are built in calculations that are exactly as CMHC has written them and so they allow for the poorest of reduction of rental income.
Brokers For Life Inc. 2nd Floor, 5303 91 Street , Edmonton, Alberta T6E 6E2
www.brokersforlife.ca
Brokers For Life
Toll Free 1.866.902.7771
Real Life Mortgage Solutions www.brokersforlife.ca
How a Mortgage Broker Can Help You Identify Your Needs As you can see the rental calculation is not as straight forward as you would think and it takes a skilled mortgage broker to make sure you are getting the proper advice. The DLC Brokers for Life team is more than willing to help you decipher the world of Rental Properties.
Brokers For Life Inc. 2nd Floor, 5303 91 Street , Edmonton, Alberta T6E 6E2
www.brokersforlife.ca
Brokers For Life
Toll Free 1.866.902.7771
Real Life Mortgage Solutions www.brokersforlife.ca
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Brokers For Life Inc. 2nd Floor, 5303 91 Street , Edmonton, Alberta T6E 6E2
www.brokersforlife.ca