That's a great way to get started in the world of real estate. You can purchase with 5% down, and most lenders will use the rental amount to offset the mortgage payment. That makes qualifying even easier. You can live in one unit, and rent the other unit out. Eventually, when you save up...

A Variable Open would have no penalty if you paid it out in the middle of the term. The rate on the VRM Open is usually prime + XX%. Right now, a couple of lenders offer .8%, with a regional lender here in BC at P + .5%. The VRM Closed, is closed for the full term of the mortgage. A 3 month...

That's very surprising that a bank would allow you to 100% finance an investment property, with 20% being unsecured. Typically unsecured funds are not eligible for downpayment verification. It's difficult to answer your question without knowing more details. If the property still cash flows...

Hi, There is simply not enough information here to provide a good response, and that's probably why you've received no responses. I'm not sure how you calculated the GDS and TDS, as every lender has a different what of calculating rental income and ratios, so your GDS and TDS will be...

Not every lender offers a 'blend and extend'. It's mostly the banks, but can be a feature of the other lenders. The penalty is waived when you get a blended rate, because the blend calculation pays the bank out for the remainder of the term. Example: If you have 2 years left at 6.00% and you...

Hi Stu, You should be able to get up to 75% to 80% of the appraised value. I don't know of a lender that will give you 80% of the equity.Depending on the applicant, you will have the option of going through a bank or credit union and arranging a 2nd mortgage LOC. If you don't qualify for...

Hi Dave, If you'd like to give me a call directly I can look into this for you. I have some experience with MCAP and can try to work out some options for you. MCAP went through a period when all their mortgages were closed. They have since changed that clause. Rob 778-686-8326

All lenders will use some form of room and board factor when underwriting. So effectively you will need some income to apply. The other thing they will look at is what happens if there is a vacancy. So if you have low income and expenses, they will want to see some cash reserves that could...

I have an associate in Vancouver that manages a call center called Tigertel. The Vancouver office is well run. They have an office in Toronto that you could contact. http://www.tigertel.com/contact_toronto.htm

Hi Ron, I'd be happy to help you! I've been a REIN member for several years. You can search the threads and see my history of posts. If you don't mind working electronically, the good thing about mortgage brokers is that we don't have to be in the same province, You can contact me...

Smith Manoeuvre is a book about an accounting concept to use a mortgage to reduce the tax you pay. It gives you a strategy to convert non-tax deductible debt to tax deductible debt. It's the mortgage interest that is the tax deduction.

Hi Sameer, Here's my new contact information. You can reach me by phone at 778-686-8326 or by email at [email protected]. There are a couple of companies that specialize in construction financing for situations like this. Rates vary depend on the size of the loan and renovations...

I think what Thomas is requesting is for you to be more specific with your question so the forum can provide a valuable response to you. I've got a used car, it's for sale, $12,000. Good deal??? How would we know, we don't know anything about it.

If you only have 2 properties at this point, there are a couple of lenders you could potentially work with that offer 80% offset on rental properties. You should also be looking for a lender that has a good policy for income from your principal residence. One other point from you earlier...

Getting a really good first mortgage with a VTB is tricky. You almost have to prove that you don't need the money. There are a few alternative lenders that have no issues with VTB's or second mortgage, but you may have to pay 5 to 6% or higher on the first. Just means the outlook of the...

You may run into some issues with using the rent from your residence. Reason being as most lenders will only use the market rent for the purchase of calculating an offset. Lenders will use offsets, but you must verify the income. If you provide 5 lease agreements, it most likely will not fit...

Prime - .50 is actually a bit out of the current market. You should be able to get prime - .75% from most lenders, with some offering prime -.8% and there is one that was as low as prime -.9%. You don't necessarily have to work with a broker your market as we are not governed by provincial...

Read the book "4 Hour Work Week" by Tim Ferriss. I finished it a couple of months ago and trying to implement a few things. He has tonnes of suggestions how to automate or outsource some tasks. There were things I hadn't even thought of. Not everything will apply to everyone, but worth a read.

You can still qualify under the residential guidelines, but many lenders have a limit of 4 properties. The problem you may have is how the rental income is treated. The insurers will require your to use only 50% of the gross rent, added to your peronsal income. Then you must include the PIT...