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  1. RobMacdonald

    Variable or Fixed

    My personal opinion is that Variable rate mortgages are the way to go, but it depends on your personal circumstances. While increases are iminent, I don`t think we will see dractic increases in the short term. You can do a better than Prime - .2% in this market. Depending on whether or not...
  2. RobMacdonald

    Dumb question - commercial property mortgage insurance

    Not every bank will allow a VTB, so you may need to shop around a bit. Generally, as long as you have 10% of your own funds into the deal, you should be able to get financing. And Thomas is correct, no CMHC premium will apply.
  3. RobMacdonald

    What New Rules? We Were Already Playing By Them!

    QUOTE (MikeMcC874 @ Feb 16 2010, 11:57 AM) Lower the maximum amount Canadians can withdraw in refinancing their mortgages to 90 per cent from 95 per cent of the value of their homes. Do banks allow people who have paid of say 50% to refinance back up to 95% if they pay CMHC? As of today, you...
  4. RobMacdonald

    Flaherty to toughen mortgage rules, investment properties targeted

    QUOTE (Pump @ Feb 16 2010, 08:28 AM) how are you getting under 20% down rental properties? Several banks and mortgage lenders have offered programs for as little as 5% down through a CMHC program.
  5. RobMacdonald

    JV Question - Allowing both Investors to be on Title

    The investors do not have to qualify individually. In most cases, the incomes and expenses for each applicant will be combined and qualified on that basis. What does get interesting is when it will qualify in one name, but then not qualify when you add the second borrower. It doesn`t make...
  6. RobMacdonald

    property portfolio lenders

    The 1.1 rule is a Firstline policy. It has changed significantly in the last couple of year. There are some other good portfolio lenders, but it there are many variables that need to be considered in order to figure out what bank will best serve you going forward. Most banks will want to see...
  7. RobMacdonald

    Which banks use the 1.1 rule?

    QUOTE (kanabel @ Feb 10 2010, 09:06 PM) Thanks Rob! What actually happened is that my broker was telling me that CMHC wouldn`t qualify me because they (CMHC) would add 50% only while the bank (TD in this case) would go with 80% add back if I put 20% down, which I am trying not to. So, I believe...
  8. RobMacdonald

    Which banks use the 1.1 rule?

    QUOTE (PaulW @ Feb 10 2010, 03:20 PM) If I`m following... If my gross rent was say $2,000 - a bank would take 70% (let`s say) or $1,400 as "income". Let`s just say that my mgtg payment and taxes was also $1,400. Does that suggest that this property would "hold" its own mortgage? Is there a...
  9. RobMacdonald

    Which banks use the 1.1 rule?

    QUOTE (kanabel @ Feb 10 2010, 03:08 PM) In another words, positive cash flow. What when CMHC comes into play? I think they look at it as 50%? Would that mean if mortgage is $450 and rent $800 this property would be negative? When CMHC comes into play, the lenders policies even change further...
  10. RobMacdonald

    Which banks use the 1.1 rule?

    QUOTE (PaulW @ Feb 10 2010, 09:05 AM) Hi Rob...not sure what you mean by above? Thomas Beyer mentioned now to use 1.3 and someone else mentioned you needed $100K in cash. Please clarify. Hi Paul, Every bank uses a different formula and policy when it comes to assessing your portfolio. For...
  11. RobMacdonald

    Which banks use the 1.1 rule?

    QUOTE (DWard @ Feb 5 2010, 06:29 PM) Are you sure there are not any others out there that wouldn`t look at my salary? If you are currently employed and have a salary, then yes there are many more options that Firstline. Firstline is one of the more difficult lenders to get approvals through at...
  12. RobMacdonald

    Which banks use the 1.1 rule?

    Firstline is the only bank that used the 1.1 rule, but it is extremely difficult to meet their requirements now. Several banks have better programs by offering 70% or 80% rental offsets. The problem with Firstline is that they will waive the overal tds requirement if your portfolio meets the...
  13. RobMacdonald

    illegal or non conforming suites

    It all depends on the lender. Some will use the income ,illegal or not, but most will require the suite income to be authorized. And each lender will use different percentages of the income. Don`t forget that cmhc and genworth both have different rule for handling suite income.
  14. RobMacdonald

    15k for down payment on personal home vs. investment property

    Why don`t you consider something that can sort out meet both goals. Depending on your circumstances and financial background, you could look for a home that with a suite or maybe a duplex that provides some additional income. It may not be the optimal home you are looking for, but it is a decent...
  15. RobMacdonald

    Credit Repair

    What you need to do is set up a realtionship with a mortgage broker that is will to counsel the clients over the period of the LTO option. I work with a couple of groups in Vancouver and take mortgage applications from their potential LTO buyers. I review their application, identify what the...
  16. RobMacdonald

    Trying to buy my first home (my own). Researching like mad. Suffering info overload. Need focus, advice.

    Hi Jonathan, My recommendation would be to get in touch with a mortgage broker as one of your first steps. Financing will be one of the most importatnt aspects regardless of what direction you decide to go. Work with a broker that is familiar with real estate investing and can work with you to...
  17. RobMacdonald

    CHMC requires minimum 25% down for inv. property?

    QUOTE (AndyLuchies @ Jan 23 2010, 12:38 PM) Are you serious! The mortgage lady at Scotia (where I have my principle residence mortgage) told me they don`t do rental properties!!! When did you get your mortgage with them? Hi Andy, Scotiabank has probably the best policy in the industry at the...
  18. RobMacdonald

    VTB

    Most lenders are going to require 10% of your money into the deal in order to allow a VTB behind the first mortgage, so keep that in mind when negotiating.
  19. RobMacdonald

    how to get more loan from bank?

    QUOTE (MikeMcC874 @ Jan 20 2010, 02:51 PM) I thought if you were selling a home with a mortgage term still outstanding that banks would waive the penalty on the early payment if you where taking out a new mortgage for the same or more money. Is this not the case? Assuming a comparable rate on...
  20. RobMacdonald

    CHMC requires minimum 25% down for inv. property?

    I was referring to residential financing above, and I agree with you. Financing is available at 20% down, up to 35 years amortization with no CMHC premium.
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