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The Money Management Newsletter: Home Ownership
Confused about mortgage financing for a rental property?

For the last several years, relatively weak stock markets have changed the way many Canadians are investing their hard earned dollars. More and more Canadians are venturing into the rental property market, some swayed by the real estate appreciation that we've seen over the last few years. Others want to add real estate to their investment mix to better diversify their portfolios.

Investors who consider adding real estate assets are often confused about their mortgage financing options. Many investors who put 15 per cent down use an insured mortgage, but the cost of the insurance premium can be high. Even so, not all investors can meet the strict requirements that go along with an insured mortgage on rental property.

Another option if you have a good amount of equity in your principal residence is to take some of the equity out, typically through a line of credit, to get a big enough downpayment that may qualify you for a regular first mortgage.

Some lenders have designed new mortgage products and services that simplify the process, one such product specifically designed for small investors interested in a residential investment property. Investors can access up to $600,000 with as little as 15% down without mortgage insurance or leveraging the equity in their principal home.

Perhaps now more Canadians can heed the wisdom offered by many financial professionals and diversify, diversify, diversify by including real estate in their investment portfolios.

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