rental property mortgage

Old Sep 16th 2004, 7:26 am
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Default rental property mortgage

Hi,
I was wondering if i decided to buy a rental property in Canada, what factors would play a direct role in deciding mortgage issues..i obviously don't have any canadian credit history (BTW, how is canadian credit history differentiated from overall credit history...since VISA and MC have no national affiliation as such??)..is that a point of contention when deciding mortgage rates?
Thanks
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Old Sep 16th 2004, 8:02 am
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Default Re: rental property mortgage

Hi Nervous

Originally Posted by nervous_wreck
Hi,
I was wondering if i decided to buy a rental property in Canada, what factors would play a direct role in deciding mortgage issues..i obviously don't have any canadian credit history (BTW, how is canadian credit history differentiated from overall credit history...since VISA and MC have no national affiliation as such??)..is that a point of contention when deciding mortgage rates?
Thanks
With no Canadian credit history, you probably are not going to get the best rate. Also as the property will be a rental, you will find that your down payment may be in the 25/30% range.

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