QUOTE (gshembroff @ Jan 29 2009, 01:11 PM) I know cash is king but given the drop in interest rates we are experiencing, would it be wise to put some of the "savings" into paying down some principle? If you have a readvanceable mortgage - absolutly, it will save you thousands in interest. If...

QUOTE (rbrost @ Jan 25 2009, 04:54 PM) Thanks in advance for your comments and constructive feedback. I`m looking to take out a 35 year mortgage on a condo I recently closed on in Edmonton. Final mortgage documents will be in place within the next 10 days. The bank has offered three options...

QUOTE (Ricky972 @ Jan 26 2009, 03:02 PM) I was wondering if it is possible to buy an investment property with only 5% down. I am new to this and it will be my first property. I am buying it in the Hamilton area. Does anyone know any good mortgage brokers that have a lot of experience with...

QUOTE (dUstrrbUnii @ Jan 26 2009, 03:41 PM) Can anybody tell me what the standard mortgage rate is right now? It depends on the term that you are looking for and how quickly you are closing, but there are some really great rate promotions on some of the fixed rates 1 year fixed - 3.75% 3...

QUOTE (MikeMilovick @ Jan 8 2009, 08:02 AM) I completely concur with Garth. Your realtor and your lawyer represents you. The seller and the seller`s lawyer represents the seller. Four copies of offer are always generated. One for you, one for your realtor, one for seller, one for seller`s...

QUOTE (brianl @ Nov 19 2008, 01:43 PM) I just founded one company and hope to transfer my properties to the new company, currently mortgage and title of the properties are under my name. I asked my lawyer and accountant, they said it is doable. I`m in Alberta. However I heard that since last...

The 40 year amoritization is still available conventionally from a couple of lenders - it is only for insured mortgages that it is no longer an option. You are correct in that the prime + 1% VRM is not nearly as attractive as it used to be, but there are alternatives that allow you to keep...

40 year amoritizations are actually still available conventionally - from a couple of lenders without increased rates or fees. It is only on high ratio mortgages that they are no longer available, per the insurers guidelines. You are absolutly correct, the variable rate mortgage at prime + 1%...

QUOTE (GordM @ Oct 23 2008, 05:58 PM) Hi Thomas, So far I have not seen signs of tightening up. I have just renewed an MCAP mortgage on a triplex with no questions asked, and have just complete a re-fi with Scotiabank with minimal paperwork. Hard to believe that my mortgage rate is now 3.25%...

QUOTE (Gerhardt @ Oct 21 2008, 11:27 AM) Hi, It depends on the lender. Most of the variables we have, the payments stays the same and the amount of principle paid off increases or decreases with interest rate adjustments. We do, however have one lender (Merix) that actually changes the payment...

QUOTE (CLW @ Oct 21 2008, 02:54 PM) Hi, new REIN member here. We just closed on our first investment property Oct 1. Working on another deal now, terms are very different from one month ago. Aside from the prime+ variable rate, we`re also being told by RBC that they won`t do 35 yr amort on...

QUOTE (thomasbeyer2000 @ Oct 20 2008, 11:28 AM) many lenders have now eliminated prime minus mortgages such as prime -0.6% or prime - 1% due to low prime rate .. best rate we can get right now is 5.25% .. which is prime PLUS 1% .. UP 1% from even 6 weeks ago despite prime rate drop .. true...

QUOTE (billf @ Oct 15 2008, 08:10 PM) Hi, I check my own report every once and a while and noticed all our Scotiabank mortgages were on my file for the last two years. I asked the Bank Manager about it and they said Scotia and TD are reporting. I believe it appears on my Equifax file. Bill F...

QUOTE (stepchuk @ Oct 15 2008, 12:47 PM) I was wondering if anyone else out there had noticed if their mortgages were being reported on their credit bureau? For years now there has been talk of lenders reporting as is the case in the US, but I had not personally experienced this until just a few...

QUOTE (llee @ Oct 8 2008, 08:55 AM) Hi, I made an offer to purchase a townhome (part of site project, brand new inside, not outside). I asked for closing March 2009 and a price reduction. They took my price reduction offer, but moved my closing date to January 2009. I accepted it and it kick...

QUOTE (investmart @ Oct 2 2008, 11:40 AM) Thanks Peter, Like Jules, I am also surprised that the investor who is not on title and not on mortgage can NOT use the properties` rents as proven income for the purpose of applying for a mortgage even if he can prove that income by providing the...

QUOTE (thejules @ Oct 2 2008, 08:44 AM) So let me get this straight. You`re saying that if an investor has a group of investment properties & She/He is not on title or mortgage, they will not count towards thier net worth but not used as qualifying addtional income? Is this true even if these...

QUOTE (investmart @ Oct 1 2008, 06:13 PM) Hi All, Assuming investor# 2 has no employment income, will purchasing say 4 such properties improve his financial situation (future mortgage applications) significantly so he may qualify for a loan alone in the future based on his JV agreements (50%...

QUOTE (investmart @ Sep 28 2008, 08:50 PM) Hi, Can`t Prince Charles work with a mortgage broker that can use "stated income" to qualify him based on his profession (web designer). Does this product exist in Canada? Bye. Stated income is available for rentals, but very expensive. In most...

QUOTE (RedlineBrett @ Sep 26 2008, 09:29 AM) I have had a number of REIN clients be adamant about a 10 business day financing condition removal period. Pushing for this has made it difficult for me to negotiate other terms as most residential buyers only need five days max if they are...