New finance program

[MikeMcCrae]

CMHC`s new 100% rental finance product is now out. Up to 100% finance for rentals and up to 95% refinance for rentals. The product is expensive but it is buried into the mortgage. Talk to your brokers for more details.

 

[grhutchings]

QUOTE (MikeMcCrae @ Oct 17 2007, 01:18 PM) CMHC`s new 100% rental finance product is now out. Up to 100% finance for rentals and up to 95% refinance for rentals. The product is expensive but it is buried into the mortgage. Talk to your brokers for more details.


Hey Mike,

Any idea what kind of interest rate is attached to this product. I noticed that you mentioned its expensive, but I would love to have an idea so as to see how viable an opportunity it really is. Any input would be appreciated.

Thanks.

George Hutchings
www.sellmeyourhomefast.com
Hutchings Investments

 

[MikeMcCrae]

At present, the rates are; 1 year 5.6, 2 year 5.65, 3 year 5.7, 4 year 5.95, and 5 year 5.99. Variable is prime less .6. and you have to add .2% for every 5 years of amortization beyond 25 years. So rates are not that bad but the CMHC fee is 7.25% of the mortgaged amount on anything over 95% loan to value. But only 4.75% up to 90%. Hope I am not complicating things. Most brokers will have this information by now so be sure to talk to them.

QUOTE (grhutchings @ Oct 17 2007, 12:23 PM) Hey Mike,

Any idea what kind of interest rate is attached to this product. I noticed that you mentioned its expensive, but I would love to have an idea so as to see how viable an opportunity it really is. Any input would be appreciated.

Thanks.

George Hutchings
www.sellmeyourhomefast.com
Hutchings Investments

 

[DonCampbell]

Hi,

Since the announcement by CMHC there has not been any banks ready to get behind the product. YET! We`ll be watching and may even have some news at this weekend`s quickstart if a bank announces it.

That`s the `rub` about product announcements. The insurance companies can create products, but some times it gets no traction at the banks

Keep watching and speaking with your broker.

 

[grhutchings]

QUOTE (DonCampbell @ Oct 18 2007, 09:22 PM)
Hi,



Since the announcement by CMHC there has not been any banks ready to get behind the product. YET! We'll be watching and may even have some news at this weekend's quickstart if a bank announces it.



That's the 'rub' about product announcements. The insurance companies can create products, but some times it gets no traction at the banks



Keep watching and speaking with your broker.

 

[grhutchings]

QUOTE (DonCampbell @ Oct 18 2007, 09:22 PM) Hi,

Since the announcement by CMHC there has not been any banks ready to get behind the product. YET! We`ll be watching and may even have some news at this weekend`s quickstart if a bank announces it.

That`s the `rub` about product announcements. The insurance companies can create products, but some times it gets no traction at the banks

Keep watching and speaking with your broker.


Don,

Being here in Ontario. If I take the new CMHC guidelines for this new financing program to my mortgage broker and explain that this is exactly what I want, will lenders do their due diligence and loan based on the new allowable programs for investors. I would like to take advantage of this as it looks like a very advantageous way to secure long term holds. Just wondering if presenting this will encourage lenders to act a little quicker.

All the best!

George Hutchings
www.sellmeyourhomefast.com
Hutchings Investments

 

[BobHudson]

Speak to REIN member, Guy Lew at the contact info below. Guy has been getting approvals on these mortgages in Ontario for the past few weeks. Target properties are 1-4 units. CMHC allows 80% of your portfolio rental income instead of the usual 50% so Guy says that approvals are a breeze.Guy`s contact info:Guy LewManager of Residential & Commercial Mortgages[/color]

(Residential, Multi-Unit Investment Properties, Commercial, Construction, and Mezzanine Financing)

The Lee Lew Investment Mortgage Team

Finder Financial Services

www.finderfin.com

Tel: 416-293-7536

Fax: 416-293-3946

Cell: 416-258-9491

[email protected]

 

[grhutchings]

QUOTE (fujibob @ Oct 20 2007, 09:07 AM) Speak to REIN member, Guy Lew at the contact info below. Guy has been getting approvals on these mortgages in Ontario for the past few weeks. Target properties are 1-4 units. CMHC allows 80% of your portfolio rental income instead of the usual 50% so Guy says that approvals are a breeze.Guy`s contact info:Guy Lew
Manager of Residential & Commercial Mortgages[/color]

(Residential, Multi-Unit Investment Properties, Commercial, Construction, and Mezzanine Financing)

The Lee Lew Investment Mortgage Team

Finder Financial Services

www.finderfin.com

Tel: 416-293-7536

Fax: 416-293-3946

Cell: 416-258-9491

-fonto:Georgia-->[email protected]




Thanks for the contact information for Guy. I will contact him for sure to try and get some help utilizing this new program.

All the best!

George Hutchings
www.sellmeyourhomefast.com
Hutchings Investments