Question about Canadian Financing Options for REI
Hello all.
From what I understand about financing for real estate, which I admit is not much, is that when you go with a conventional mortgage from a bank to buy rental properties, you must pay 20% down. Are there banks or credit unions in Canada that only require 5% down for buying rental properties? I have a pretty healthy savings account at the moment, with excellent credit and can afford the 20% down for a house, but obviously would like to be able to grow my portfolio faster. Is there a way pay a lower down payment, without getting hammered with a huge interest rate? Any advice?