Being approved for an investment property mortgage will be a lot like being approved for any home purchase under your own name. You’ll need: A sufficient down payment. A good credit score. A stable income to justify your purchase. Valid, government-issued identification. And so on. On top of this, lenders will want to know that, should you default on your mortgage, they will be able to sell your home as quickly as possible, to recover their losses. If the home you purchase is in a rural area, or requires a lot of repairs, this can make some lenders wary of approving your mortgage. In this regard, buying a rental property can be a lot like buying a secondary property or vacation home. If that is your case, see this page for more information that may apply to you. Finally, if you have experience managing rental units, this could work in your favour. Being a landlord is not easy. There are risks involved, which you’ll need to be prepared for. For example, if tenants refuse to pay rent, and refuse to leave, you’ll need to be ready to take legal measures to evict them. If someone is injured on your property, you’ll need insurance to cover you in the case of a lawsuit. These things all cost money, and could impact you financially. Being financially burdened can then affect your ability to repay a mortgage. So, regardless of the lender’s approval, knowing what you’re getting into is essential. Please see more on our website.