The Right Mortgage For Me

I’ve got a lot of friends who are buying their first homes right now. We go out for coffee and people are talking about how big they’re trying to make their down payment, or how quick they can manage to pay off their mortgage. That’s great, and I’m glad they’re being fiscally responsible.

I’m looking for a very different mortgage than they are. I’m looking for the smallest down payment, lowest monthly payments (interest-only if I can get it) and the longest amortization possible.

Why? I have different goals.

Normal people plan to work, pay off their house, work some more, retire and pray that they’ll have a pension or some savings.

I’m buying three bedroom houses in Edmonton that I can rent for more than my expenses. If I can do a quick $10k reno on the way in, so much the better. If the market does nothing I still make ~$10k/year per property, and worst case, when I go to retire the tenant will have paid off the mortgage.

That’s why I went for a low-down insured mortgage with a 35 year amortization for the townhouse Megan and I are moving into.

Different goals, different mortgage. / CC BY-SA 2.0

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  • You’re right, as real estate investors we do have different reasons when we search for a mortgage, so we need different solutions – another reason a broker with a knowledge of investing, or better yet, who is an investor themselves, is so important for an investor to have in their Rolodex.

  • Chris,

    Well said.

    I am a fan of the 35 year amortization.

    I long for the day that the 40 year amortization mortgage returns to Canada. Who know when that will be?!

    Are you still getting interest only mortgages for some of your properties?

    Best Regards,

    • A

      Hi Neil, I think those days are gone. The only interest only financing I know of right now is HELOC financing, which we have on one property. It’s above prime so we’re thinking of moving it to a mortgage though.