approvU for Rental Property Mortgages

Buy or refinance your rental property with the right mortgage. Use approvU to shop rental property mortgages from Canada's top lenders online, saving you time, money and effort.

12K+

Mortgage Deals

25+

Lenders & Brands

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Huge Savings

Explore Why approvU is the Best Way to Get a Mortgage for Your Rental Property

approvU makes it possible to uncover low-rate mortgages leaving more rental income in your pocket. It allows you to shop for mortgages across multiple lenders in the comfort of your home.

Instant Qualification

Get qualified for a mortgage in under 6 minutes – not hours, weeks or months.

Multiple Property Details

Easily update the mortgage details of your other properties for full analysis.

Comparison Shopping

Compare the rates and terms to find the best deals in the out there.

Shop Mortgages on approvU from Canada’s Lenders You Know and Trust

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How It Works

Here is how we make getting the right mortgage easy and convenient for you.

1. What’s Your Mortgage Need?

Provide approvU with a few details about your mortgage needs and financial and credit situations to customize your mortgage.

2. Make Your Selections

Select your preferred mortgages. approvU searches the market for the best deals you’re most likely to get approved for.

approvU_mortgage funding

3. Get It Funded!

Upload the required documents and complete the conditions to get your loan funded in time.

4. Home Sweet Home

Enjoy your home, knowing that you made the right mortgage choice without the outside influence of commission sales reps.

Even Better When All You Can Do Is In One Place

Whether you’re looking to buy your first home, buy your next home, or refinance your mortgage, approvU has you covered.

Buying A House

Skip the line, and skip the hassle with approvU instant mortgage qualification and approval – 24/7.

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Mortgage Pre-approval

Take the shortcut to your new house with an approvU pre-approval letter.

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Mortgage Refinance

Experience a better way to mortgage savings – transparent and convenient.

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We’ve developed the solution to address the most challenging aspect of your venture into rental property investment: getting a mortgage. approvU allows you to put your rental income to work by using it to qualify for the mortgage needed to finance your rental property—shop mortgages across lenders anywhere and anytime.

Shop Across 25+ Lenders For Your Best Mortgage Deals

See Your Personalized Mortgages Online With approvU

Use Your Rental Properties to Your Advantage

Get qualified for a rental property mortgage quickly by shopping directly from lenders that will accept all your rental incomes, even if this is your first rental property purchase.

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Wide Lender Reach for Approval Assurance

Conveniently shop the market for the lowest rate mortgages and boost your approval power with our vast network of banks and other lending partners.

Track Every Stage of Your Applications

You mean business, so you must keep an eye on your mortgage application to avoid surprises that can cause you to lose on your investment.

Turning you into the Mortgage Pro You Wish You Had

Whether this is your first foray into a rental property or you’re an experienced investor with multiple rental properties, approvU is designed to provide you with the tools and agility you need to search and apply for the right mortgage in the comfort of your home.

FAQs About Getting a Rental Property Mortgage

Knowing the minimum requirements to qualify for a rental property mortgage can help make the process an enjoyable experience.

You will need to provide and confirm details about your income, debt, down payment, credit record, and assets for you and your co-borrowers, as well as the complete details about the rental property.

In addition to the above, you will need to provide the signed Lease or Rental Agreement to confirm that the property is ready to start generating income.

Generally, you should expect a slightly higher rate for rental property mortgages than those secured with owner-occupied properties from the same lender. 

Since the rental income is meant to pay down the mortgage, there is a payment risk, assuming your tenant does not make the rent payment in time. Lenders consider this risk when considering the mortgage rate for rental properties.

Knowing the minimum requirements to qualify for a rental property mortgage can help make the process an enjoyable experience.

You will need to provide and confirm details about your income, debt, down payment, credit record, and assets for you and your co-borrowers, as well as the complete details about the rental property.

In addition to the above, you will need to provide the signed Lease or Rental Agreement to confirm that the property is ready to start generating income.

Yes. You can use approvU to refinance the mortgage on your rental property. 

After selecting the Refinance transaction type, you’ll choose “I’ll Rent.” That tells the system that you’re refinancing a rental property. 

There are thousands of refinance mortgage solutions on approvU from its over 25 mortgage lender partners. As long as you qualify, you will find the best refinance mortgage options on approvU. Get started:

The minimum down payment for a rental property mortgage is 20% of the house value. If the house is priced or valued at $400,000, you will need to put down at least $80,000. If the house is instead priced at $1,200,000, your minimum down payment will be $240,000.

However, depending on your situation and needs, some lenders may require you to put down up to 35% of the house value to qualify for their mortgage.

That’s why you should use a platform like approvU to ensure that you are shopping across lenders with varied qualification criteria, in order to get the best deal in the market that suits your needs and situation.

You can’t apply for a mortgage under a corporation with approvU. You can reach out to mortgage agents and brokers or go directly to your bank for such a type of mortgage.

However, if you are looking at getting a mortgage under your name, then approvU is the smartest way to get the right mortgage without the stress and headaches of the traditional mortgage process. The approvU platform allows you to search and apply for a mortgage online, just like shopping on Amazon.ca.

Lenders do set a maximum limit of rental properties you can have to qualify for their rental property mortgage. This limit is two-fold. There is a limit to the number of rental properties mortgaged with a specific lender, and a limit to your overall rental mortgage portfolio, even if they are mortgages from other lenders.

Beyond a certain number of rental properties, you’ll be considered a commercial investor. That is a different beast.

There is no standard rule for these two situations. Some lenders will only allow you up to two properties with them. Others may go up to as many as six properties.

On the other hand, it could lower the limit of the number of properties in the rental portfolio to three. Some lenders will accept a rental portfolio of up to 12 properties.

You can use approvU to shop the market for lenders with flexible qualifications for rental property mortgages, to ensure you are not losing out on the best deals.

Shop Across 25+ Lenders For Your Best Mortgage Deals

See Your Personalized Mortgages Online With approvU

Get A Mortgage With approvU

  • approvU is everything you need to make the right mortgage decisions like a Pro!
  • Born in Canada for Canadians
  • Largest mortgage marketplace with over 12,000 mortgage deals from 25+ lenders
  • No baiting; not a lead generator; your information is never sold
  • Skip the appointments and apply online anytime; it takes less than 6 minutes.
  • Multiple approvals from a single submission
  • Control and track every step of your application as it moves through to funding.