Investment Properties

You may decide to purchase a property. Keep in mind that it may be difficult to generate a positive cashflow on a second property. Monthly mortgage costs can exceed the rent you're able to charge.

Investment properties also have unique tax implications. If you rent your property more than 14 days a year, it qualifies as investment property. If that is the case, you can usually deduct only a portion of your mortgage interest. All rental income is subject to income tax. However, you can deduct rental-related expenses (utilities, maintenance and depreciation) with certain limits. Consult your tax advisor to fully understand all the tax ramifications.

If you are ready to begin your mortgage application, APPLY NOW.