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  3. Guide to home ownership
  4. Buying 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

The step-by-step guide below is a comprehensive guide tailored to support you at every stage of your journey - from research to buying. While some may prefer a hands-on approach, remember that we're here for you every step of the way. Feel free to dive into the process independently, but don't hesitate to reach out to us whenever you need guidance. Together, let's navigate through each step, starting with the first, and transforming your dream of owning an investment property.

Step 1

Assess your finances 

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Assess your financial readiness for an investment property, figuring out affordability and budget constraints using our Mortgage Affordability Calculator and Budget Calculator.

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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 a financial expert

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Contact one of our Mobile Mortgage Specialists or Financial advisors to discuss your investment property plans.

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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.

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Discuss any property type restrictions for financing.

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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

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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

Draft your offer and proceed

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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.

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Once you have an offer, you can go ahead with your mortgage application.

Investment property financing

Property must be located within Saskatchewan

25 to 30-year amortization options

Meet our Mobile Mortgage Specialists

As a first-time homebuyer, we understand the importance of flexibility. Our Mobile Mortgage Specialists bring the branch to you, accommodating your schedule and providing personalized service, ensuring you can easily navigate the journey to your first home without any unnecessary stress.

Meet the team

Tools & Resources

Calculator

Calculate your payment or mortgage amount.

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Money Advice for Life

Tips for reducing the stress of buying a house.

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Have questions? That’s what we’re here for!

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Give us a call

Have questions about which mortgage option is most suitable for you?

Call 1-800-667-7477
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Want to learn more about mortgages? Book an appointment with one of our advisors.

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