Investment Properties
Where do I start? Can I use equity in my current home to purchase my investment property?
We start by assessing how much equity you have in your property, you can then borrow against the equity you have in your existing home to finance the purchase of a new home. This is typically done through a home equity loan or line
of credit.
Using equity to purchase a home can be a smart financial move as it allows you to take advantage of the equity you have built up in your existing home. This can help you finance the purchase of a new home with a lower interest rate and potentially lower monthly payments.
How much do I need for my downpayment ?
The down payment for an investment or vacation property is typically higher than for a primary residence. The exact amount depends on several factors, including the purchase price of the property and the lender's requirements. Generally, a down payment of at least 20% is required for an investment property.
Can I use gifted funds as a downpayment?
Depending on the lender's requirements, a buyer may be allowed to use gifted funds for the down payment on a primary residence. However, this is usually not allowed for an investment property.