Hi Carene, I think what you`ll find out, and probably hear from most investors, is that any area in the Top 10 of BC and Alberta will make sense, provided you can satisfy one major consideration. And that`s `property management`. Whether you buy locally or in Alberta, you`ve got to be able to...

It`s not a bad alternative. If your plan is to lock in to a fixed term or wait for a better rates on VRM`s, then it`s a good place to be. Be catuious about the interest penalty if you want to convert to a VRM before the end of the term. There are short term fixed products in the market that...

You may want to try another lender. I`m not sure if you have a rate held for you, but many lenders will not make that a `deal killer`. It depends on the rest of the deal, but if you have other strengths, you should be able to get an exception, especially if you don`t owe any taxes.

Hi Don, Congratulations! I know first hand how hard you worked towards this purchase! I will give you credit for setting your sights, and taking the methodical step-by-step approach during your purchase. Stay on this track and you will succeed! I admire your determination!

You are only eligible to withdraw funds "tax free" from your RRSP when you are buying a principal residence and you qualify under the First Time Home Buyers Plan. This is where the 90 day rules apply. Other than that, I`m not sure of any other way to funnel the funds through the RRSP.

Hi Kathi, It`s difficult to get a pre-approval for financing on a rental property as so much hinges on the actual property and cashflow. However, you can got through a consultation process where a broker experienced with rental property financing can narrow down your lender options for you...

In order to calculate your debt service ratios, some more information would be required. If you purchased a townhouse for your residence, did you qualify based on your income? If so, and as long as your other debts have remained relatively the same, you should be okay. You may not be...

Your broker does not necessarily have to live in the province that you do. Each province has different legislation regarding out of province brokers, some have more concern over it that others. In most cases, as long as the broker does not maintain a business locations, and/or market...

That`s a tough one, as there is no adopted policy on how to treat grow ops. I had a client that got one approved through HSBC. But you may have to just keep shopping. A mortgage broker may do the work for you!!

Dan`s advice is the right advice, just don`t do it. If you`re buying an investment, then treat it as an investment. If you`re preapproved for $200,000, then that is for a principal residence. It`s not possible to calculate the amount you`re preapproved for on a rental because withouth the...

And the problem you`re going to have is that Genworth is no longer offering financing for real estate investments. So you may not have any choice. You could probably get 80% financing and if you have a good debt service ratio, there may be some other options.

Even on a new property most banks will not require a lease. With most lenders, they will rely on the statement of economic rent from the appraiser. If you happen to be getting a really high rental rate for your unit, the bank really wants to know what the market rent is. I wouldn`t even...

Not really, it doesn`t have to happen on the same day. What happens with most lenders is that you`ll sell your existing property and pay the full penalty. If you but another property within 6 months, you can reinstate your old mortgage and have the penalty reimbursed. The property can be...

I`ve never come across this issue before. It is not usually the lawyer who dictates who would be on title, becuase of the downpayment funds, it is the bank. The lawyer is acting on behalf of you and the bank, so yes, consult a different lawyer.

Hi Rena, Every bank will have different rules around this. Some like Firstline will requre you to own the property for 12 months prior to refiancing. That seems to be the way most lenders are going. Alot will depend on the strength of your application, how may properties your own, and the...

Hi Rena, Perfectly good plan, and you`re not in a time crunch with the way lenders are reacting these days. It gives you great flexiblity and if you are able to improve the property, you`re right that you may be able to pull more out of it. Potentially, your seed capital could last longer and...