Mortgagenomics Canada

Rental Property Mortgages - how to qualify for them.Qualifying for a mortgage when purchasing or refinancing a rental property can get really confusing. Here are the key qualification criteria when qualifying for a Rental Property Mortgage:the minimum down payment to qualify for a rental property mortgage ranges from 20% to 35% (refinances are limited to 65% of the appraised value)rental income generated from the property does not necessarily translate into direct qualifying income. 50% to 95% of the rental income is eligible as qualification income (varies radically from lender to lender)the rental income eligibility is classified as either one of the following (depending on the lender and type of income):General Qualification Income (least preferred): the mortgage balance is maintained in the application and becomes part of the overall debt load that needs to be serviced for qualification purposes Offset Income (most preferred, best bang for your buck): the mortgage balance is removed from th