Hi Michael, National, Laurentian, Scotia, FirstLine, Merix all Offer HELOC and variable combination readvancing products. They each have different qualification procedures and advantages/disadvantages. All are available through the Broker channel so an experienced Broker will be able to...

Hi Laurie, Other Lenders do offer similar products which may be better suited for you (no fees, better rate etc). A Broker familiar with Investor financing will be able to review the whole picture and make a recommendation for you. Don't hesitate to contact me directly if you would like to...

Great work Ben!

Although the FirstLine 1.1 rule in Don's book has changed, many Lenders still do look at the 1.1 evaluation once you have 3 properties. The key difference is that some Lenders want more than 1.1 now. Some want minimum liquid asset requirements, some want minimum net worth requirements and others...

On March 18, 2011, the max refinance for owner occupied changes to 85%, here is a direct link to CMHC; http://www.cmhc.ca/en/corp/faq/faq_008.cfm

If the property is now a rental, you can refinance to 80% LTV. Owner occupied can refinance to 90% LTV today, but will soon change to 85% LTV.

When refinancing, you will need to provide supporting documents to support your application. The supporting documents required depend on the size of your portfolio, your income structure and the bank you are using. Your sophisticated binder should cover all requirements.

Thanks for the kind words Randy. Peter, let me know if I can be of any assistance.

"What would you guys do." Although today's 5 yr variable at 2.25% with a 35yr amortization looks like a good option for you, without knowing your current Lender utilization, TDS, portfolio DCR details, DCR details of the subject property, or your future refinance and purchase objectives, it...

"cash-on-cash .. or all in (equity creation through mortgage paydown, appreciation, cash-flow)" My 1% calculation is more of a personal reality check on what I need to accomplish to reach my passive income targets. For example, if I wanted to generate $10,000 in monthly passive income today...

"it befuddles me why the true cost of ownership up to this point was NOT factored in, i.e. why only 50% of condo fees would be counted as "cost" ? That didn't make any sense !" I think 50% of Condo Fees is reasonable. When I buy a condo town house, my condo fees always include fire insurance...

Hi Thomas, I like to be close enough to drive to my properties when needed, but far enough away that I am not tempted to be the Property Manager, dealing with regular routine items. Aurora is within driving distance of all of Ontario`s Top 10 towns, I would focus on picking the right...

I use a very simple calculation when I ask myself the same question you did. It is my 1% rule, I expect my cash investments in real estate (and all other investments) to return to me 1% monthly ( annual average of 12%). Therefore, to realize $11,667 per month ($140K/yr), I would need to have...

I suspect we may be talking about 2 different types of "Buildings". A 6 plex or under that may have been treated with residential rules and therefore qualified for 80% of appraised value, Vs a multi family with more the 7 units which would qualify based on the buildings financials.

The 8% rule is just the initial filter. It is a quick and easy way to eliminate properties that are not going to work. You are absolutely correct that once a property passes the 8% rule you need to dig down into all the details to see if it really is a good investment. Congratulations on putting...

Banks issuing a mortgage that is not CMHC do not have to follow the CMHC guidelines. However, when a mortgage is not CMHC insured, it is a greater risk for the Bank and therefore if CMHC tightened their rules, the Bank is likely to tighten their non CMHC rules. If guidelines are tightened on...

Many experienced investors with multiple properties and money to invest are finding it difficult to qualify for additional purchases due to recent changes to mortgage qualification rules. This has opened a new door for the inexperienced Investor without enough cash for a down payment, but with...

Looks like they have offered you Posted Rates, there are many better offers out there. If you are planning on purchasing or refinancing rental properties now is a good time to make sure this mortgage has the right Terms (amortization, re-advancing, ...) and is with the correct Lender that will...

Both the existing Mortgage and HELOC would be paid and discharged at closing; there are 3 main options you can use to replace them; 1) One mortgage covering all debt 2) A “Split Re-Advancing Product” which would have both a mortgage component and a HELOC component ( a great product for...

“ do I send my Investment Binder to a mortgage broker before I start looking for a property or not?” ------------------------------- Hi Rick, Choosing a Mortgage Broker now and providing them with your Investment Binder will assist you in a couple of key ways; • Your Broker will be able to...