You don`t necessarily have to use a broker in Edmonton. Just be sure you`re working with someone that has experience working with clients that have lnog term plans to create investment portfolios. Starting off on the right foot, with a plan, and making good borrowing decisions along the way will...

I would be surprised if most lenders would not allow that as a qualified downpayment. What this is essentially, is the seller giving a financial gift to the buyer, and using the charity as the intermediary. Sounds like something that most lenders and insurers would deduct from the sale price.

I can only echo many of the comments above. You need to start with a plan, and focus on what you want as your end result. Financing will be one of your largest hurdles, and starting with a plan, and working with a mortgage professional that has experience working with protfolio clients is the...

In my opinion, it is best if the deal works with both partners on title. If you are supplying a portion or all of the downpayment, then the lender may require you to be on title. If you property is positive cashflow, then it may be beneficial to you on future mortgage applications. You want to...

That`s acutally a little high than some private lenders. You need to be cautious with the LTV they will go for. Most private lenders are only going to 75% LTV, so you still need 25% into the deal. The return is similar to many Mortgage Investments Corps that are out there.

In today`s credit market, it`s not likely to be approved for financing without verifiable income. You may get financing through private sources but would pay 8 to 10% for a first mortgage. You would be best to partner with someone that has good verifiable income.

I`m not completely clear of the situation here. It sounds like the lender wants proof of the full downpayment today. If your friend only has 25% of the downpayment, or the initial deposit, then he should be able to get a conditional approval for the financing. Over the next 10 months, he will...

That would mean that the broker was unable to get an expception to the minimum square footage requirement. The minimum square footage requirment at Scotiabank is 720 sq feet, unless the property is in what is considered a major centre or marketable area. Where is the property? Is it an older...

Arrange for a consultation with a mortgage broker familiar with investing. Among other, financing will generally be one of the biggest hurdles you poetentially could come across. Getting bad information out of the gate can severely affect your long term success.

Dan Heon is a well respected Rein member. His sight is www.danheon.com. Keep in mind, you don`t have to choose a professional by their market area.

In most cases, the rates are similar just the qualifyng criteria is different. If you work with a broker that understands investment properties you shouldn`t have any issues. If you don`t disclose that a rental property is a rental property, it`s fraud.

QUOTE (investmart @ Apr 15 2009, 08:46 PM) Thank You Rob for the quick response providing valuable information. can it get better than 80% if a self employed applicant has a superb DCR ratio of 3.0 for example or is 20% down payment the best you can get as self employed, stated income with 3...

QUOTE (Eddy8899 @ Apr 15 2009, 06:06 PM) Do the lenders typically calculate 1.1 on a portfolio of 3 properties or more or do they do it on each property? Is this something the mortgage applicant needs to bring to attention of the lender? I am closing my 3rd property next month but I would like...

Hi Neil, If your property and your portfolio meet the 1.1 rule with Firstline, then they will allow you to `state` your peronsal income. Therefore, for the self employed real estate investor, it can allow you to essentially qualify for another mortgage on the merits of your portfolio, rather...

Fixed rates are down to 3.0% for a 1 year term and we`re seeing lots of competition on the 5 year rates. Every day a new lender seems to either lower their rate or offer a quick close special. It`s a good postion to lock in for less than 4.0%, but you may be able to benefit even more by taking...

Part of the issue here is that you`re being lied to by your mortgage broker and your realtor. It may be more difficult to qualify, but you are headed down a very slippery slope if you misrepresent a mortgage application. You could end up with future difficulty qualifying for property, getting...

I don`t think you will have much of an option here. When you originally purchased, you could have put the mortgage in one person`s name, if you were able to qualify, and that would have preserved the First Time Buyers status. But to be sure, call Revenue Canada, or your conveyancing lawyer as...

Once you have 3 properties, Firstline applies the DCR rule. Under the current guidelines, all properties must meet the DCR 1.1 and the subject property must also be 1.1, using a 25 year amortization. It is a very tight program now. If you have verifiable income, you will most likely not need...

Not necessarily. The current market value is what an average market would pay for the property. It is possible that the purchase price that you have under contract may be more than what the appraisal comes in at. And therefore, the bank will use the lesser of the 2 values to determine the value...

Every lender has their own rule. Firstline uses the 1.1 DCR program, which can work reall well for a self employed investor. The program has recently been tightened up with a net worth requirement and the subject property must have a 1.1 DCR based on a 25 year amortization. The costs are...