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  1. RobMacdonald

    Mortgage renewal

    QUOTE (NJang @ Apr 20 2010, 06:29 PM) ThM May I ask with regard to the new standard for qualifying (for both principal & investment properties) where the new rules state that in order to qualify one must meet the same criteria as if applying for a fixed 5-year mtg... whether this same criteria...
  2. RobMacdonald

    Mortgage renewal

    There was one important step left out in the process above. About 4 months prior to the renewal date, contact a mortgage broker and get pre-approved for a competitive interest rate. As you approach the renewal, you should be very aware what the market if offering for the type of term you are...
  3. RobMacdonald

    Mortgage Application - Proof of Down Payment - LOC VS. Regular Bank Account

    QUOTE (investmart @ Apr 19 2010, 03:08 PM) The comments above from Rob and Mike contradict what was previously mentioned by Thomas, Oleg and others that you have to follow the rules and indeed banks want to see the fund in ANOTHER regular account, NOT LOC. I`m sure others are also curious to...
  4. RobMacdonald

    Clarification on new mortgage rules

    QUOTE (2ndstory @ Apr 13 2010, 06:50 AM) 20%. CMHC is still insuring income properties if you have less than three insured mortgages. The biggest change for investors is the 50% vs 80% income offset. Nik You have to be careful. Every day I come across another investor that has the new rules...
  5. RobMacdonald

    Mortgage Rule Changes

    You will be okay if you have an approval in place prior to the 19th. However, some rules are changing the rules early. There are changes with the self employed programs effective April 9th with a couple of the major lenders. Additionally, it`s very difficult getting a high ratio rental approved...
  6. RobMacdonald

    3.69% 5 yr fixed mortgage?

    The fixed rates in Canada work independantly to the prime rate. The fixed rates are based on the pricing in the bond market. So when the price on 5 year gov`t of Canada bonds increase and the spread narrows, eventually the banks will increase the rates. The spread got very low a few weeks ago...
  7. RobMacdonald

    Mortgage for non-permanent residents

    I`m not sure what circumstances the existing banker is coming across. It is possilbe to borrow up to 95% with the requirment to apply with 36 months of arriving in Canada. You should check with some other brokers, we have access to lenders that can apply through CMHC and Genworth.
  8. RobMacdonald

    CHMC requires minimum 25% down for inv. property?

    I`ve had a couple of lenders advise me that CMHC is getting tighter on 95% financing. It`s still possible to get approved, but it has to be a very strong application. In reality, they are probably underwriting with the new rules and may make an exception under extraordinary circumstances. CMHC...
  9. RobMacdonald

    How can I require more funds?

    QUOTE (muskokalandlord @ Mar 3 2010, 06:06 AM) What is the program in which the goverment is offering I use TD they never mention anything like that they said all rental property are 25% down and PPR are 5% down. What can I do to make this happen without paying big interest? TD offers the...
  10. RobMacdonald

    How can I require more funds?

    QUOTE (RCrein @ Mar 3 2010, 09:19 PM) Which bank do you feel is most receptive? TD will only do up to 4 units as a residential mortgage. I have heard that other majors will do more, perhaps up to 10 units, without triggering commercial rules. Anyone know which bank is most open in this regard...
  11. RobMacdonald

    How soon can you Refinance a Purchase?

    Hi Michael, It`s really important to know your options before you purchase the property. Some lenders will require you own the property for a minimum of 12 months before you can refinance. Other lenders may be 6. So it really depends on what banks you can qualify with to know your final...
  12. RobMacdonald

    Flaherty to toughen mortgage rules, investment properties targeted

    QUOTE (DaveL @ Feb 28 2010, 04:42 PM) Will Genworth have to follow CMHC or will they still allow for 5% down. I can`t find anything on them on the web with regards to the changes. Genworth will have to follow the new rules. Here`s a recent article from `Mortgage Broker News`. Genworth...
  13. RobMacdonald

    Flaherty to toughen mortgage rules, investment properties targeted

    QUOTE (ThomasBeyer @ Feb 25 2010, 10:19 PM) enlighten the audience please re "offset" is this off the GROSS rent, the NET RENT (after expenses) and/or before or after mortgage payments ? Yes, the offset, or the addback for that matter, are calculated off the gross rent.
  14. RobMacdonald

    Flaherty to toughen mortgage rules, investment properties targeted

    QUOTE (housingrental @ Feb 24 2010, 09:40 AM) Hi Rob I`m not sure if I`m misreading what you`ve written but I don`t follow If the negative offset is greater that your verifiable income than isn`t it possible to have a negative tdsr? In what cases will the 50% apply and not apply? The 80% offset...
  15. RobMacdonald

    New World Order - Time to Incorporate?

    If you`ve been buying residential properties, in a corporation or not, the banks want full disclosure. Where many of the banks will not require the information is if you own commercial properties as well. I think what everyone needs to keep in mind, is that the government can change the rules...
  16. RobMacdonald

    Flaherty to toughen mortgage rules, investment properties targeted

    It is not possible to get a negative TDSR calculation. Here`s how the banks currently work out your TDSR with an 80% offset. GDSR (includes rent or PITH for your residence ) + other debt payments Verfiable income (salary or 2 year avg of Line 150 from NOA) + rental surplus 80% offset It is...
  17. RobMacdonald

    CHMC requires minimum 25% down for inv. property?

    QUOTE (Tootse @ Feb 20 2010, 07:31 PM) Thanks Rob. My application has not been submitted. I'm trying to close this deal within the next few days to get it done before the new rules are in place. My credit history is terrific and shouldn't have any problems qualifying. Maybe it is viewed as a...
  18. RobMacdonald

    CHMC requires minimum 25% down for inv. property?

    QUOTE (Tootse @ Feb 20 2010, 06:41 AM) I'm being told by my mortgage broker that I need a minimum of 10% down for non-owner occupied. 5% down is no longer an option for non-owner occupied. Is this true? No, that's not true. You can still put down 5% until the rules change in April. Has your...
  19. RobMacdonald

    Variable or Fixed

    There`s actually rates at Prime - .4 available today. Only applies to residences, but it sure goes to show how far the pendulum has swung!
  20. RobMacdonald

    Flaherty to toughen mortgage rules, investment properties targeted

    I haven`t been able to determine what 5 year rate the banks will be using and I think we probably won`t for a bit. I`ve also heard about the new qualifying criteria using a 50% addback rather than the 80% offset. I also have been unable to verify the source, so I`m hoping it`s only...
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