Hi all,
Ill give you some background on my situation. I currently own a home in Vancouver assessed at roughly 1.3mil. This home is currently being rented at $4300/mo. and is mortgage free with no debt against it.
My wife and I are currently renting a $1500/mo condo and looking to purchase a condo ourselves at around $750k.
Now I've spoken to various mortgage brokers and accountants but I'm looking for some advice from you all who have purchased multiple properties and have used your equity to acquire more real estate.
As my rental home is not my primary residence - the option to use a HELOC/Home equity loan is of course negated by the fact that the interest cannot be written off come tax time and my understanding is these products interest rates are a bit higher than a traditional mortgage.
I'm looking for some advice from you all on what the best decision moving forward could be. Max out traditional approved mortgage and use as little home equity loan against the rental for down payment as possible to avoid higher interest rates? Any other tax advantageous options or situations I should be considering?
I appreciate the wealth of knowledge you all have.
Ill give you some background on my situation. I currently own a home in Vancouver assessed at roughly 1.3mil. This home is currently being rented at $4300/mo. and is mortgage free with no debt against it.
My wife and I are currently renting a $1500/mo condo and looking to purchase a condo ourselves at around $750k.
Now I've spoken to various mortgage brokers and accountants but I'm looking for some advice from you all who have purchased multiple properties and have used your equity to acquire more real estate.
As my rental home is not my primary residence - the option to use a HELOC/Home equity loan is of course negated by the fact that the interest cannot be written off come tax time and my understanding is these products interest rates are a bit higher than a traditional mortgage.
I'm looking for some advice from you all on what the best decision moving forward could be. Max out traditional approved mortgage and use as little home equity loan against the rental for down payment as possible to avoid higher interest rates? Any other tax advantageous options or situations I should be considering?
I appreciate the wealth of knowledge you all have.