[MillerTime GFG]

Do you own a rental property? Be prepared for higher rates when renewing or switching lenders.

There are changes across the board in the mortgage-world, and one of the biggest impacts is on rental properties in light of the recent Government-imposed changes.

Whether you have a fixed or variable rate on your rental, you can expect an average of 25bps rate premium.
- Ex: 2.69% primary residence vs 2.94% rental
- Ex: Prime - 0.35% primary residence vs. prime - 0.10% rental (2.35 vs 2.60 currently)

There are still some great cash-flow strategies you can incorporate on your rental properties so you can allocate your money to pay down your bad debt (primary residence) before your good debt (rental property).

Feel free to contact me if you'd like a quick consult to see if there's anything that can be done to improve your situation.

EDIT: Excludes 2-4 unit rentals, as you can still access best rates with those.