- Joined
- Jan 26, 2009
- Messages
- 53
Hi everyone,
I understand from talking to a few REIN members that getting mortgages for student rentals are getting more difficult, however, I just finished talking to my mortgage banker at RBC and he mentioned they still do mortgages for student rentals.
He did mention to me though:
If the property is located in an area zoned as student rentals, then I would have to put a larger deposit down. However, if it`s zoned as residential, then I only need to put down 20%. For example, he mentioned a lot of the homes around University of Waterloo are zoned as student rentals, so a larger deposit would be required.
Can anyone clarify this for me? Has anyone else encountered the same issues with "zoning"? Is there a way for me to determine the zoning for a particular area I`m looking at?
I`m particularly interested in the Hamilton university area (e.g. McMaster)
Thanks for your comments and time!
Caesar
I understand from talking to a few REIN members that getting mortgages for student rentals are getting more difficult, however, I just finished talking to my mortgage banker at RBC and he mentioned they still do mortgages for student rentals.
He did mention to me though:
If the property is located in an area zoned as student rentals, then I would have to put a larger deposit down. However, if it`s zoned as residential, then I only need to put down 20%. For example, he mentioned a lot of the homes around University of Waterloo are zoned as student rentals, so a larger deposit would be required.
Can anyone clarify this for me? Has anyone else encountered the same issues with "zoning"? Is there a way for me to determine the zoning for a particular area I`m looking at?
I`m particularly interested in the Hamilton university area (e.g. McMaster)
Thanks for your comments and time!
Caesar