Buy Your Next Home - Ron Mortgages

Income generation

Investment (Rental) Property

Since 2010, Canadians need to have at least 20% down payment on a rental property purchase.

A 20% down payment removes the need to have separate mortgage insurance. The key to getting a mortgage for a rental property is understanding how lenders factor in the property’s income and expenses.

The income earned by the property can be used to offset the cost of carrying the rental mortgage reducing your debt burden. This allows someone with decent income to own multiple rental properties. Features:

80 % LTV(Loan to Value) for purchases
Extended amortization up to 35 years
No mortgage insurance needed
1-4 rental units

Second Homes

Owning your vacation or recreational property, also known as cottages, is made by easy by us.

Whether you want a lakeside cottage in Muskoka or a rustic ski chalet, second homes can be great investments and a good place to make wonderful memories.

If the property has year-round access, a permanent foundation, drinkable water and winterized facilities with a permanent hear source, you can own your second home with just 5% down payment. Features:

95% LTV (Purchase)

Upto 95% Loan to Value for a purchase transaction

80% LTV (Refinance)

Refinance up to 80% of value of the property

35 year amortization

Extended amortization up to 35 years

Vacation Homes

Cottages and other properties with seasonal access, or access only by a boat. These types of vacation homes are more rustic and often left unattended during off-season increasing risk and therefore more conservative borrowing.

However, we work with lenders who provide mortgages for such properties with: