Rental property mortgages
Each new property you purchase is building your business, and your financial future. We’ll help you step by step, one house at a time.
Investing in rental properties can be a great option that can provide you with extra income. You can finance up to six rental units (doors) or $1.25 million as a consumer member.*
Questions to consider before purchasing a new property
- Is it a good time for you to buy a property? Does it make financial sense for you?
- What kind of property is the best investment?
- What is the ideal location?
- What is the current state of both the rental and job market?
- Do you have knowledge of the industry, or can you tap into advice from experts to support your growing business?
- Will you be a landlord, or will you hire a property manager to take care of your rental properties?
Benefits of our rental property mortgage
Your mortgage, your terms
Build your own network
Receive financing tailored to your situation
Save on interest costs
Choose the mortgage solution that’s best for you
Fixed Rate
Offers a guaranteed rate of interest and set payment amounts for a specified period of time.
- Take comfort in knowing exactly how much equity you’ll build by the end of your term
- Available in 1- to 5-year terms for up to 30 years’ amortization
- Guaranteed rate of interest and set payment amounts throughout the term length
Variable Rate Open
Offers the most flexible repayment options. The amount paid toward principal and interest fluctuates as rates change.
- Make lump sum payments greater than the 20% prepayment allowance at any time without penalty
- Interest floats as per our currently posted rates
Variable Rate Closed
Offers a set payment amount each month. The amount paid toward principal and interest fluctuates as rates change.
- Could be your best bet in a declining interest rate market because you’ll build more equity as rates decrease
- Available as a 5-year term for up to 30 years’ amortization
- Prepay up to 20% of the original principal amount yearly with no penalty
Variable Rate Capped
Offers the flexibility of a variable mortgage, but capped at 1% above the current Variable Rate Closed Mortgage at the time of signing.
- An option to consider in rising interest markets that offers a protective ceiling, while still giving some of the benefits of a variable mortgage
- Available as a 5-year term for up to 30 years’ amortization
- Prepay up to 20% of the original principal amount yearly with no penalty
Get preapproved
Your preapproval meeting is a great opportunity to ask us questions and explore your options. We’ll work together to help you find the right mortgage solution and prequalify you for a maximum mortgage amount.
Learn more about the preapproval processMortgage rates
Displayed rates apply to up to two rental properties. For additional properties*, add 0.50%. Note: Open Variable Mortgage rates are 0.50% above rate displayed, regardless of number of properties.
| Fixed 1-year Mortgage | 5.40% |
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| Fixed 2-year Mortgage | 5.20% |
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| Fixed 3-year Mortgage | 4.90% |
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| Fixed 4-year Mortgage | 4.70% |
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| Fixed 5-year Mortgage | 4.60% |
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| Closed Variable Mortgage | 5.05% |
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| Open Variable Mortgage | 5.95% |
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| Variable Capped Mortgage | Rates Vary |
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*When total financing at SCU exceeds $1.25 million or six doors, or when rental income comprises a majority of your total income, you’ll be assigned a business account manager.
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