Whether you’re dreaming of a vacation home or considering a rental property as an investment, financing these types of properties in British Columbia works a little differently than buying a primary residence. At Rampone-Marsh Mortgages, we help Kelowna and Okanagan Valley clients understand their options before they make a move—so there are no surprises along the way.
How Vacation and Rental Property Mortgages Differ
Lenders often view vacation homes and rental properties as higher risk, which means mortgage requirements can be stricter. You may need to provide a larger down payment, a strong credit profile, and proof that you can comfortably manage the mortgage alongside your primary home. The exact requirements depend on how the property will be used and which lender you work with.
Down Payments and Financing Options
For most vacation or rental properties in BC, lenders typically require a minimum down payment of 20%. Interest rates and mortgage terms may also differ from standard residential mortgages. Working with Rampone-Marsh as your mortgage broker has the benefit that you can compare options across multiple lenders and choose financing that aligns well with your long-term goals.
How Rental Income Can Impact Approval
If the property will generate rental income, some lenders may allow a portion of that income to help you qualify, while others may take a more conservative approach. As well, it is crucial to understand current rental property bylaws in the city or town you are considering. Understanding how rental income is treated is an important part of planning—and it can directly affect what you’re approved for.
Why Working With a Mortgage Broker Matters
Every investment situation is different. A mortgage broker will help you evaluate the carrying cost of such an investment and how it fits into your overall financial picture. Read more about our services for such a vacation or rental property on our website. In every transaction, you can count on the Rampone-Marsh team to provide clear explanations and personalized advice so you can move forward with confidence.
Let’s Talk About Your Property Goals
If you’re considering a vacation home or rental property in Kelowna, Lake Country, Penticton or anywhere else in BC and want clear, honest guidance, we’re here to help. Call our office today at 250-801-8834. You can also visit us at 1290 St Paul St #316 in Kelowna.
Planning ahead of your purchase can make a huge difference—especially when it comes to investment properties! Don’t delay – give us a call.
