Welcome!

By registering with us, you'll be able to discuss, share and private message with other members of our community.

SignUp Now!

Search results

  1. RobMacdonald

    CHMC requires minimum 25% down for inv. property?

    QUOTE (koop @ Jan 20 2010, 08:56 AM) If you can put 25% down on an investment property you don`t need CMHC (but that would depend on your bank), I talked to my CU and they would want 30% down (preferably 35%) to finance a revenue property without CMHC. I have never had a Mortgage there yet. It...
  2. RobMacdonald

    CHMC requires minimum 25% down for inv. property?

    Hi Brett, If you put 20% down, then you have a conventional mortgage and don`t have to insure the mortgage through CMHC. Therefore the CMHC premium surplus does not apply. I`m curious what the circumstances were that you were paying an insurance premium on 20% down. There are still a few...
  3. RobMacdonald

    how to get more loan from bank?

    How quickly you can refinance depends on the lender you are with. Some will allow you to refinance, some have policies that will not allow you to refinance after 6 months or 1 year. I would have been important to know that ahead of time in order to make sure the lender was okay with this...
  4. RobMacdonald

    CHMC requires minimum 25% down for inv. property?

    CMHC charges a flat premium based on the amount of the downpayment. If you want to increase the amortization past 25 years then the insurance premium is increased by .2% for each 5 year period. So if you want a 35 year amortization, then you would add an additional .4%. If you put 20% down...
  5. RobMacdonald

    how to get more loan from bank?

    Hi Hongwei, It is always best to disclose all of your debts. If you own properties that are bought through the REIN system, with positive cashflow, then you should not have any concern with obtaining financing. It sounds like you`re self employed, so the banks will use your net income from...
  6. RobMacdonald

    CMHC won`t use a gift as a downpayment for Rentals

    There are not really any options for a gifted downpayment under the CMHC program. All lenders are going to ask for a 90 day history to show that the funds have been in your possession in order to determine that the down payment is not a gift. The other alternative is to have the grantor sign...
  7. RobMacdonald

    Need some conformation.

    Make sure that your lender really understands what your long term goals are, and that their policies support your quest for rental properties. Saying your tds is high, doesn`t really mean too much. They should be able to assist you with the plan in getting things on track. Here are some...
  8. RobMacdonald

    Lease Option Buyer question has me stumped

    You`re correct that this will come into play a couple of years down the road. The buyer will be able withdraw the funds from his RRSP. Keep in mind though, that the RRSP funds don`t have to be used as the downpayment. If the buyer has provided enough up front with the option, and excess rent...
  9. RobMacdonald

    Mortgage Portability

    It depends on the bank. You already have the mortgage, and as long as it is paid as agreed, you may only require an appraisal. If the mortgage is high ratio, the deal will have to be resubmitted to CMCH to approve the new property, but no insurance premium will apply.
  10. RobMacdonald

    Porting a Mortgage - What about the CMHC?

    You actually will not have to pay additional cmhc fees on the new property unless you are increasing the mortgage. If the mortgage amount is going up, then you will have to insure the new funds at 4.5%. So it won`t be that expensive. And the new premium can be rolled into the new mortgage amount.
  11. RobMacdonald

    Cash back for purchase

    In a rent to own case, the lender will only give credit for the additional rent above the market rent, as well as the original deposit.
  12. RobMacdonald

    Investment property for 5% down?

    Hi Keith, CMHC offers financing on single units and duplexes for 5% down. If you buy a triplex or fourplex, the minimum is 10% down. With the insurance premium, you will have slightly negative equity in the property, but if this makes sense in your overall strategy, it can be an option for you.
  13. RobMacdonald

    Skipping a mortgage payment? Good or Bad?

    Scotiabank`s policy is a little different than others. You have to match a payment before you can skip a payment. And you have the option of matching each and every payment if you like. Since the interest on the rental property is tax deductible, you would be better off paying additional funds...
  14. RobMacdonald

    Bank`s Approved Appraisers List

    It`s somewhat of a mystery, but I think it`s more about privacy than anything. Speaking from experience, some of the lists have more information than the public needs to know, like who`s on probation with the lender and who`s not. In any event, the biggest reason is that banks don`t want their...
  15. RobMacdonald

    Accpeted offer 25% below market value

    Hi Jarrett, Choose your lender wisely. Many will put a limit on how quickly you can refinance the property based on the appraised value. Some lenders may want to see that you put some improvements into the property and not just an `artificial appreciation`. You should look for an open...
  16. RobMacdonald

    Need some Help Assembling a Investment Team

    Hi Scott, I would be happy to speak to you directly if you like. The REIN group is a great resource for networking with many professionals in many different areas. If you haven`t already done so, you should consider joining. Feel free to give me a call and we can speak directly.
  17. RobMacdonald

    Vancouver Condos

    By all accounts, the market is fairly hot here. Many of the clients I`ve been dealing with have been having difficulty getting their offers accepted. We`re seeing multiple offer scenarios etc. She needs to make sure that she has a good realtor on her side that get get her in early. I would be...
  18. RobMacdonald

    1st Time Home buyer choosing to Invest

    Hi Greatful, Don`t let the areas on my website turn you away. I actually work with clients right across BC and even through Alberta. If you`d like to drop me an email offline, please do, I would be happy to discuss some options with you. Technology is a wonderful thing, it makes working with...
  19. RobMacdonald

    Purchased condo as a first time homebuyer conditions but..

    You would not have any issues with this given the circumstances. Your intent when you purchased was to have a principal residence, so you are okay.
  20. RobMacdonald

    How long does one have to reside in residence?

    It all depends on your intent...... if you plan to purchase properties and then move out in a short period of time, then once or twice may be reasonable, but if it becomes a trend then the lender and/or CMHC will pull the plug on the approvals. The time you have to live in the property will...
Back
Top Bottom