All Forum Posts by: Saad Mushtaq
Saad Mushtaq has started 1 posts and replied 2 times.
Post: Interest rate for rental property and owner-occupied property
- New to Real Estate
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Thank you @Joshua McMillion @Account Closed for the insight. It's good to have this clarification as I don't intend to commit any fraud. Glad that you guys were able to answer my question. Thanks again :)
Post: Interest rate for rental property and owner-occupied property
- New to Real Estate
- Posts 2
- Votes 1
I am thinking about investing in the rental industry and was wondering whether it'd be ideal to take out a mortgage as an owner-occupied and get the lowest rates for mortgage and then stay in the property for a couple of months and then rent it out. Would that cause any legal repercussions and will I be considered dishonest? My broker was telling me that If I am not living in it then I should go for the rental investment mortgage that is a little higher than the owner-occupied mortgage rates. And, If I do tell them that it's going to be owner-occupied then I will be considered dishonest and will have legal repercussions. Just want to have an understanding of this so I make the best decision for myself without being dishonest.
FYI: I am based out of Manitoba, if that helps.