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  1. RobMacdonald

    Mortgage renewals

    Hi Vic, Material change would be if you wanted to add additional funds to the mortgage, or change the borrowers etc. As long as you leave the original mortgage terms the way they are, you still have some 'bargaining' options.
  2. RobMacdonald

    Mortgage renewals

    Hi Vic, I'm assuming your are asking about residential mortgages. If you were originally qualified on a 35 or 40 year amortization, it is my understanding that lenders will not be reducing the amortization at renewal. As long as you are not making any material change to the mortgage, then...
  3. RobMacdonald

    Using equity in primary residence for investment property

    Hi Dave, I am in the lower mainland and have been a REIN member for several years now. I would be happy to meet with you to assist with your questions. Simple answer is to set yourself up a home equity line of credit. That may be something that you can go back to your existing mortgage...
  4. RobMacdonald

    Feedback on possible idea: Secure File Sharing

    I've had some experience with ecourier.com. Once set up, it is quite efficient and customers see to appreciate the extra step towards security. I keep coming across dropbox, but have never looked into it. I think I'm going to check that out and see how it would work for my clients.
  5. RobMacdonald

    Renewing mortgage

    Hi Michael, The 'All in One' is actually a National Bank product. There are several lenders that offer 're-advancable' mortgages. They all have different features and benefits. The All in One is very similar to the manual one mortgage. Most lenders offer a VRM component, but the pricing...
  6. RobMacdonald

    Looking for some advice - first timer

    There are many creative ways to buy real estate. Having good credit and verifiable income is a good start. Building up equity is possible in many different ways. Depending on your current financial situation you may want to look at a couple of programs available through CMHC and Genworth. It is...
  7. RobMacdonald

    Mortgage borker/Realtor/Lawyer suggestion in Langlye/Surrey area?- first time hombuyer

    Hi Werner, One of the first things you should do is get a pre-approval rate hold for the potential mortgage. There is some pressure on the bond market and if you're considering a fixed rate mortgage, there is a good chance we may see an increase in the upcoming weeks. Getting...
  8. RobMacdonald

    Looking for advice on Mortgage.

    Hi Ron, I'd be happy to discuss your options with you. Don't feel you have to work with a broker in your home town. I work with REIN members right across western Canada. That's the benefit of technology. If you would like to email me directly, I'd be able to speak with you tomorrow.
  9. RobMacdonald

    Financing my tenants

    There are programs where clients can borrow their 5% downpayment, or get 5% cash back from a lender, but you cannot lend the money to a purchaser of your property. The loan has to be non-arms length. Your tenants might be interested in a Free Downpayment program. They will pay a higher...
  10. RobMacdonald

    Mortgage Renewal Options

    If you were running out of time, most lenders can offer an open term either 6 months or 1 years. It's a significantly higher rate, but can give you the few days you need. If you just transfer your mortgage at the end of a term to a new lender and don't take new money, in most cases the new...
  11. RobMacdonald

    Building a side by side duplex financing

    Both CMHC and Genworth have construction programs that permit financing up to 95% of the completed value. Both will allow up to 2 units in the dwelling. The title would be limited to one lot, and you would run into complications down the road if you subdivide later. You would need to have...
  12. RobMacdonald

    Opinions on re-financing using Manulife One product?

    It is a great product and is similar to products offered by a few other lenders. I strongly advise clients to have products like this on their principal residence and rental properties if possible. It allows you to take control of your borrowing and avoid future costs for equity take outs...
  13. RobMacdonald

    NEW HELOC regulations?

    Absolutely. And when used as part of a strategy with capital from JV partners it becomes an endless supply of downpayment verification.
  14. RobMacdonald

    NEW HELOC regulations?

    With past changes, Genworth and Canada Guaranty have to follow the same guidelines as CMHC. There are a few policies that the private insurers can stretch, but when it comes to programs and the products they offer, it's pretty much the same. I've had a few lenders already advise they are...
  15. RobMacdonald

    First Home w/ Rental Income

    You can buy any property up to 4 units and still be considered a residential property, underwritten with normal guidelines. Once you move to 5 units, then commercial rules apply. There is a difference in downpayment for the types of properties you are looking at. For single unit or duplex...
  16. RobMacdonald

    Are there available strategies or options for investors with little money to start?

    If you don't currently own your principal residence, then start there. Try to look for a property that provides some additional income via a suite or shared tenancy. If you can buy well, then improve the property, you could do this again and again. It's much easier to start out with low...
  17. RobMacdonald

    Mortgage Renewal Options

    That's really high on both accounts. Most clients would be getting 3.89% for a 5 year fixed and around 2.25% for a 5 year VRM. I'd be interested what bank offered you that. Your best bet would be to contact a broker and shop the market for better alternatives. You still have some time, but...
  18. RobMacdonald

    CMHC Insurance

    In each case you will not require the insurance. This assumes you would qualify with a chartered bank or 'A' lender. There are some lenders that will require CMHC insurance regardless of LTV, and will expect the client to cover the premium. Overall, if your first mortgage is 55% LTV, and...
  19. RobMacdonald

    Advice for starting out

    QUOTE (StartingInBC @ Dec 4 2010, 04:41 PM) Let me introduce myself. I`m a 25 year old recent university grad with a modest gross income of 52k a year. I expect to have between 18 and 20k saved up by April for a down payment. This is where I differ from everyone here. This is my first property...
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