Rental properties can be an excellent source of passive income for many homeowners. Land is a finite resource, meaning that its value can only increase. Purchasing a rental can create financial stability above and beyond your usual cash flow. Because of this, becoming a landlord can open up possibilities for long term goals and capital investment.
Have you considered…
Building a rental portfolio to build income and equity?
Turning your current home into a rental property?
Obtaining an extra source of income in order to pay off your current mortgage?
Buying a home for a child or family member to live in?
Tailored Mortgage Solutions
- Owner Occupied: In this case, the owner would either live in the property or have a family member live there. Even vacation homes will often fall under this category. Your occupancy status is determined when you apply for a mortgage. While this information can change, ensure that the application is as truthful as possible at the time it is sent in.
- Non-Owner Occupied: Conversely, a property in which the owner does not live is considered non-owner occupied. These can have up to four units before they are treated as commercial properties.
A Guiding Hand for First-Time Landlords
Here at Source Mortgage, we offer competitive rates and comprehensive mortgage products to help you achieve your goals as smoothly as possible. Adding another property to your roster is a balancing act that requires the proper attention. We can help you determine the actual rent amount to use and give you the resources to manage your new expenses.
Qualifying is simple. Homeowners with a good credit history and enough income to afford the new mortgage are eligible to apply. If you are considering purchasing a rental property, talk to a specialist Source Mortgage today to get started!