Lotus Loans and Mortgages Corp have been assisting our customers with many purchases of rental properties lately. Due to past government changes in mortgage rules the minimum down payment for a rental property is 20%. Some lenders require more but we use the ones that require the lowest down payments. Did you know that you can use the existing equity in your home to buy a rental property which means you do not need the 20% cash savings! Lotus Loans and Mortgages Corp have been able to refinance one’s existing property to pull out down payment and then use these funds to purchase a rental property. In most instances the rental income is just enough to cover the mortgage payments, property taxes and insurance so that there is no negative cashflow. That means you could potentially own a rental property, have someone else pay your mortgage and enjoy the appreciation that comes with owning a home! For those of you with equity in your home and a desire to explore the possibilities of owning an income property let us know. Let Lotus Loans and Mortgages help you to create wealth!
