- Joined
- Jan 22, 2011
- Messages
- 49
Well over the last few years I've amassed a decent portfolio and I have luckily been able to keep them all with my local Scotiabank. However their rules have recently changed now and they only consider 50% of rental income when figuring your debt ratio. This has essentially made me (and everyone else) take a 50% pay cut.
We are looking to purchase a new home for ourselves this year and I am trying to make sure as many things as possible are working in my favor so as to not be turned down.
The other day when I went to the local Bank of Montreal to pay off a credit card, we had found out that BMO still takes into account 80% of rental income on homes that are conventionally mortgaged. Homes that are non-conventional are 50%.
Well all but 1 of my current properties are non-conventional (which I could effectively change quickly and cheaply based on the equity in the property)
So that would essentially be a technical 30% increase in income on paper at BMO vs my current bank.
My question is, would you suggest I first take my business to BMO for our personal home purchase, or stick with Scotiabank and the banking officer who has helped me close all my prior deals in the years passed. (albeit back when she still had the ability to use 100% of my rental income)
Also a second question, who has personal experience dealing with Bank Of Montreal and what are your opinions of their general policies or practices.
Thanks
We are looking to purchase a new home for ourselves this year and I am trying to make sure as many things as possible are working in my favor so as to not be turned down.
The other day when I went to the local Bank of Montreal to pay off a credit card, we had found out that BMO still takes into account 80% of rental income on homes that are conventionally mortgaged. Homes that are non-conventional are 50%.
Well all but 1 of my current properties are non-conventional (which I could effectively change quickly and cheaply based on the equity in the property)
So that would essentially be a technical 30% increase in income on paper at BMO vs my current bank.
My question is, would you suggest I first take my business to BMO for our personal home purchase, or stick with Scotiabank and the banking officer who has helped me close all my prior deals in the years passed. (albeit back when she still had the ability to use 100% of my rental income)
Also a second question, who has personal experience dealing with Bank Of Montreal and what are your opinions of their general policies or practices.
Thanks
