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  1. RobMacdonald

    which lenders to use first

    If your plan is to buy 3 or 4 units in the next 5 years, you most likely won`t have any issues. If your plan expands after a few years, then you can look at moving the existing mortgages to a different lender in order to free up some cap space with a portfolio lender. As mentioned above, your...
  2. RobMacdonald

    Help! Bank won`t renew the mortgage...

    There is one lender that I know of that will lend up to 90% of the value of the property. The rates are on the higher side, but not the typical private lending rate you might expect. It sounds like your mortgage would have been insured with First National through CMHC originally. You may have...
  3. RobMacdonald

    Refinancing - do I really need a broker?

    If you go through a broker that has a volume relationship with Scotiabank, you will get much better rates on the closed variable. Additionally, you will get any benefit for early renewing or reducing penalties that the branch channel can offer you directly. You don`t need to be in an open VRM...
  4. RobMacdonald

    2nd mortgage as downpayment?

    Two things need to fall into place for this to work. First, you have to find a lender that is okay with a portion of the downpayment coming from borrowed sources. There`s only a few lenders that will allow this on a rental property. Second, you would have to bring about 10% of your own funds...
  5. RobMacdonald

    Calling all Mortgage brokers

    QUOTE (nubiwan @ Oct 22 2010, 12:52 PM) I`d be happy to direct them to you, but fancy they are getting a little tired of the process. They are not currently renting the place as my post may have suggested. They just came interested in the RTO as an option since they had no down payment. I simply...
  6. RobMacdonald

    Bare Land Strata in North Vancouver

    I have some clients that are looking to purchase a house in North Vancouver. They will be qualifying through CMHC and Genworth as they have about 5% to 10% down. They managed to find a duplex they are interested in buying. The property would be a great investment as the cash flow from the other...
  7. RobMacdonald

    Calling all Mortgage brokers

    Brokers are not limited by provincial jurisdiction. So basically, most brokers on this forum may be interested in taking a look at the application. If the clients are will to pay a higher interest rate for a cashback `no downpayment` mortgage, then there is some alternatives. The program has...
  8. RobMacdonald

    Smart Phone Apps

    I`ve got 2 favourites for my iphone. The HP 10B II app for $4.99. Now have no need to carry around my mortgage calculator. The second is a free app and is amazing. It`s calle Key Ring Rewards. You can scan in all your points collector cards and then when you check out at a cashier, you call...
  9. RobMacdonald

    Owner Financing

    QUOTE (nubiwan @ Sep 24 2010, 12:13 PM) So, for instance, If I gave a $10,000 allowance for decks and appliances, that could be considered a down payment or gift, of sorts? Asumming I want to get $209,000 from the sale of my house (listed for $219K), how would I structure that? Not...
  10. RobMacdonald

    Owner Financing

    QUOTE (RedlineBrett @ Sep 20 2010, 07:26 AM) Says this in the link: "*Traditional Sources of Down Payment include: Applicant`s savings, RRSP withdrawal, funds borrowed against proven assets, sweat equity (< 50% of minimumrequired equity), land unencumbered, proceeds from sale of another...
  11. RobMacdonald

    Comparison Of Popular Readvanceable Mortgage Products In Canada

    QUOTE (MooseHead @ Sep 19 2010, 08:06 PM) The one thing I`m not grasping from this (and I`m sure it isn`t complicated) is how does a re-advanceable mortgage turn your personal residence mortgage from a non-deductible debt to a deductible debt? I understand that interest paid on a mortgage or...
  12. RobMacdonald

    Comparison Of Popular Readvanceable Mortgage Products In Canada

    QUOTE (JimWhitelaw @ Sep 19 2010, 04:57 PM) Yes. We were told by a Sr. banker at the branch that in order to access the LOC, we`d have to submit a complete new application. Part of the reason given was because the mortgage was arranged by a broker and not handled by the branch directly so they...
  13. RobMacdonald

    Owner Financing

    QUOTE (RedlineBrett @ Sep 17 2010, 11:48 AM) What if the seller wants to offer 20% to avoid insurance premiums entirely? Once the loan is more than 5% of the purchase price, then normal guidelines apply and then the expectation of 10% of purchasers funds will apply.
  14. RobMacdonald

    Owner Financing

    QUOTE (RedlineBrett @ Sep 17 2010, 11:48 AM) Definitely news to me. Would love some clarification on what needs to be in purchase contracts to have this fly.... As seller`s offering "cash back" incentives to skirt the downpayment required by banks has always been classic mortgage fraud. VTBs are...
  15. RobMacdonald

    Owner Financing

    QUOTE (RedlineBrett @ Sep 17 2010, 07:14 AM) This is mortgage fraud in most cases. 95% ltv first time buyer program requires proof that the 5% comes from owner resources. The seller can`t `gift` this equity to a buyer. Bank wants to see that the buyer can come up with the 5% on their own or...
  16. RobMacdonald

    Sell or get a bigger mortgage?

    It will depend on a number of factors like Thomas mentioned including how the qualification would work. I`d be happy to discuss your options with you. Feel free to give me a call.
  17. RobMacdonald

    What happens to highly leveraged property at the end of mortgage term

    Hi Sam, Both those banks would be considerd A lenders or top tier. I wouldn`t expect you to have any issues renewing with them. In regards to your residence, there is nothing stopping you from moving out of town and turning the property into a rental, even if the LTV is higher than 80%. You...
  18. RobMacdonald

    How to Find a Good Partner to Work With?

    I think you need to ask yourself `What do I need a partner for?" The best partnerships work becuase the abilities of one partner are complemented by the abilities of the other partner. So if you recognize there are areas of business and/or real estate that you need some assistance, it would be...
  19. RobMacdonald

    What % of tenants acually purchase the RTO

    Sorry, I don`t have an answer for your particular question, but just a comment. I have worked on a number of instances when the tenant buyer is looking to purchase the property at the end of the term. The success the client will have in many cases depended on the ability, skill and...
  20. RobMacdonald

    What woud you do

    QUOTE (adamturner @ Aug 8 2010, 09:56 AM) I have a Mortgage with BMO, and have 2 years remaining on my term @ 6.5%. Clearly I want out. My penalty will be about $9,000.00 to end the current mortgage. What are my options here? Cheers If you`ve got the equity in the home and/or the cash to pay...
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