That formula now only works for one bank. Every bank has pretty drastically changed their calculations. National Bank uses 50% of rental income, used to be a DCR calculation. TD went from a 1.1 DCR to a 1.2 DCR. It used to be a lot easier to work this out yourself. When you have only a few...

Each bank will treat the assumptions differently. If the property is a rental property, and will remain a rental property, the bank may not be comfortable with the 'gift' of equity from your sister to you. Some lenders may make an exceptions, but this is one of those policies that could go...

After that last round of rate increases, you certainly couldn't get close to that rate today with a new lender. So that probably is your best option by far now. Most lenders are now offering 3.29% for a 5 year. Some a little less if you close quickly.

I would recommend you call Tony Cikes with Sotheby's Vancouver. He's a REIN member and lives in North Vancouver. http://www.tonycikes.com/

Hi Madison, I changed the email on my profile to [email protected]. Previously it was [email protected]. Hopefully that fixes things. But I hadn't noticed that I have 2 emails associated with the account. The mortgagerob address just forwards to the shaw account.

For some reason, and I'm not sure when, but I stopped getting email notifications to posts that I'm subscribed to. I also don't receive a notification when someone sends me a message. What do I need to do?

There are only a few lenders left that will allow up to 80% financing on a rental property. And that depends on the type of property and what province you are in. Many of the mono line mortgage lenders will allow 80% financing, but it is correct they will require CMHC insurance. I'm assuming...

Around 3% is a decent rate, but there are other lenders, credit unions and major banks that are consistently offering 2.89% for a 5 year fixed. The best VRM in the market is prime - .45%, but available on principal residences only. The Google search is probably giving you the very best...

Where is the property you are looking at? As Thomas mentioned, you'll have to check with many different lenders. At the end of the day, you may have to pay a slightly higher interest rate, but sounds like the overall investment is worth it. Let me know if I can help out.

Try calling Chris Stepchuk with Fort Park Property Management. Phone: (778) 988-4560

Do you own your own principal residence? That would probably be the best place to start. And depending on where you live, you may be able to buy a suited home. You could arrange part cash back and part cash if you need a little more money. And yes, it's still possible to do that, just not...

There is no requirement to sell you original home if you are buying another one at 5% down. You just have to qualify with the existing property being treated as a rental. And it has to make sense! If you are a family of 5 and claim that you are buying an apartment as a new residence, it's...

You should challenge that! if you had a 40 year mortgage and 5 years has past, you are able to renew at 35 years provided your are not making any changes to the mortgage. If you ask to increase the mortgage, then a max 25 year amortization would apply. If you don't get the answer you are...

Hi Tommy, There are lenders now that are offering less than 3% for 5 year terms. Available for primary residents only, and some other restrictions do apply. Give me a call and I'd be happy to look at some options for you. My personal opinion, if you can get the same rate for variable...

Hi, I've been working with REIN members for many years and an active poster on REINSPACE. Feel free to give me a call or send me an email at [email protected]. I'd be happy to arrange a meeting and help you create a long term plan. Rob 778-686-8326

It really depends on the lender as to what your options are going to be. Contact them, tell them what you would like to do, leaving out the information that you may move out of the property. Depending on whether your mortgage is conventional or high ratio, readvancable or not, your options will...

The answer to this is in the grey area, verging on the black. The short answer is 'no', it is not to be used for an investment property. However, if you were successful buying a home under this program, and had a family member live in it for some time, then they eventually moved out. Other...

Hi Cathy, I'm in the Lower Mainland as well and would be happy to speak with you directly about your options. As you realize, having $10K in cash limits your ability to buy another investment property on your own. Here are a couple of suggestions to consider: 1. Look for investors...

Mortgage broker are not limited to the city they work in. If you prefer to meet someone face to face, you'll just have to call some realtors for recommendations. Chances are though, that a mortgage broker in Prince George won't be a REIN member, or be familiar with the REIN system. Give me a...

From what I understand is that the bank's still have lots of room in the spreads at the current rate levels. I think we may just be seeing the start of a rate war for the spring market. Scotia is offering those rates on a 60 day rate guarantee, so I would also question the 'for 2 days only'...