Investing in Canada Real Estate with Genworth
Many Canadians are investing in real estate to generate income and wealth for retirement. Investing in Canadian real estate has been profitable over time. Even in the latest global economic situation, Canadian real estate prices fared better than real estate prices in most other countries.
Genworth will now be providing mortgage insurance on an innovative rental program accessible to qualified borrowers with as little as 10% down payment.
Acceptable loan purpose
* Purchase Plus
* Refinance (Maximum Equity Take-out: $200,000)
* 90% LTV (Purchase or Refinance)
Max Loan Amounts
* No Maximum Loan Amount
* Maximum four units
* New construction or existing properties
* Property must meet the following criteria:
o Municipal zoning
o Fully self-contained units
o Remaining property (economic) life must equal or exceed the amortization of the loan
Ineligible Property Types
* Time-share Interests
* Vacation Homes
* Commercial zoning
* Rooming Houses
* Quarter Share / Shared Ownership
* Rental Pools
Terms/Qualifying Interest Rates
* For terms less than 3 years, the qualifying interest rate is the greater of three-year posted rate or contract rate
* For terms of three years or more, the contract rate is used
* Fixed, variable and adjustable rate mortgages permitted.
* LTV > 80%: Up to 35 years
* LTV ≤ 80%: Up to 40 years
How do I get started investing in Real Estate in Canada?
You can get started in real estate investing by visiting www.ontariorein.com and exploring what is available for your specific situation. From there, your next best move is to consider attending a Quick Start Program, it will launch your new investment career with a bang!