How to Get a Mortgage for Whistler Vacation Rentals

Mortgage for Whistler Vacation Rentals

Mortgage financing for your Whistler vacation rental home…

If you are looking to purchase Whistler real estate, then you are likely familiar with mortgages.  If you are not from Canada, however, you may still have a bit of learning to do on this subject.

Sources for Canadian mortgage financing include banks, credit unions (similar to banks) and mortgage brokers.  Generally, if your purchase will not be your principal residence, you will require a minimum of 25% down payment.

  1. 25% down payment
  2. proof of income to support the repayment of the mortgage
  3. proof of past vacation rental revenue from the home

In addition to the down payment, you will need to prove to the lender that you have the income to make the payments.  A variety of statements can be used here, but generally the lenders like to see your tax returns.  Lenders also check your credit history online to evaluate your application.

If you are planning to use your Whistler real estate as a rental revenue generator, the lenders will usually recognize 50% to 75% of this estimated rental revenue.  It is useful to have proof of vacation rental revenue history to show the lenders.

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