Looking to buy an investment property?
Remember playing Monopoly? The excitement of buying property and earning money from your assets was a rush. For many people, owning real-life investment properties can be just as exciting! Picture the fun of building your own real estate empire, picking properties carefully and making smart money decisions. We know this adventure can be both thrilling and challenging and we’re here be the ‘banker’ in your real-life dreams.
Your step-by-step guide to buying an investment property.
Buying an investment property is an exciting opportunity and we're here to support you every step of the way. Use the guide below to explore each stage of the process, from understanding your finances and securing financing to finding the right property and making your purchase. Whether you’re new to real estate investing or adding to your portfolio, you’ll find the information and support you need to move forward with confidence.
Step 1: Access your finances
Understand your budget and prepare for the costs of an investment property.
- Assess your financial readiness for an investment property, figuring out affordability and budget constraints using our Mortgage Affordability Calculator and Budget Calculator.
- You will require a 20% down payment as well as 1.5% of the estimated purchase price for closing costs. Consider using a short-term deposit or Tax-Free Savings Account to save.
Step 2: Connect with an expert
Get guidance on financing options and what you need to get started.
- Contact one of our Mobile Mortgage Specialists or Financial Advisors to discuss your investment property plans.
- Work with them to understand what documents you may need to complete your mortgage application for an investment property. This could include things like a market rent report, building appraisal, etc.
- Discuss any property type restrictions for financing.
- Understand and choose the mortgage product that’s right for you depending on factors like whether you want a fixed or variable rate or an open or closed term. Plus, choose the amortization length that fits best with your financial goals.
Step 3: Get pre-approved
Know your budget and financing options before searching for a property.
- Work with your Mobile Mortgage Specialist or Financial Advisor to lock in a mortgage rate and begin the pre-approval process. Once you’re pre-approved, you’ll have a clear picture of how much financing you can access. This helps determine your budget while shopping for property.
Step 4: Find and buy your property
Search for the right investment property and move forward with confidence.
- Work with a realtor to find your ideal investment property, and then draft an offer to purchase. We recommend working with a lawyer to ensure the proper legal processes are followed.
- Once you have an offer, you can go ahead with your mortgage application.
Tools to help you plan your investment property purchase.
Common questions.
Here’s what people ask us the most.
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Before purchasing an investment property, you’ll need to understand your budget, financing options and the requirements for the property you’re considering. A Mobile Mortgage Specialist or Financial Advisor can help you get started.
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We offer mortgage options, including Flex Feature Mortgage, with different amortization options to help you choose a solution that fits your financial goals.
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Depending on your property and situation, you may need documents such as a market rent report, building appraisal and other information to support your mortgage application.
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Property eligibility requirements may vary. Connect with a Mobile Mortgage Specialist or Financial Advisor to understand what types of properties may qualify for financing.
Your investment property journey starts here.
Our Mobile Mortgage Specialists will come to you — at home, at the office or virtually. Let’s walk through your numbers and get your investment property funded.