Good day,
My wife and I lost our townhouse condo in the Fort McMurray fire last May and we decided to move abroad until we get the place handled. It is currently being rebuilt, and we're looking at selling or converting it into a rental or RTO property once the rebuild is complete. The mortgage term is up this July, so I was thinking about the following and wondering if it could be a possibility:
Could we sell the property, port the mortgage (so we avoid having to pay a new down payment), and buy a new rental property elsewhere in Canada with better cashflow? The issue is that, given the market situation in Ft. Mac in the last couple of years, we don't have much equity in the place - nowhere near a required 20% down for a new rental. So, we're wondering if this may be a work around.
Looking for ideas,
R
My wife and I lost our townhouse condo in the Fort McMurray fire last May and we decided to move abroad until we get the place handled. It is currently being rebuilt, and we're looking at selling or converting it into a rental or RTO property once the rebuild is complete. The mortgage term is up this July, so I was thinking about the following and wondering if it could be a possibility:
Could we sell the property, port the mortgage (so we avoid having to pay a new down payment), and buy a new rental property elsewhere in Canada with better cashflow? The issue is that, given the market situation in Ft. Mac in the last couple of years, we don't have much equity in the place - nowhere near a required 20% down for a new rental. So, we're wondering if this may be a work around.
Looking for ideas,
R