You sure can! If you’ve got the money for a down payment on the new property without having to sell your current home, you can buy your new home with as little as 5% down and keep your old place as a rental. More on that here. 🙂
Category: friendlii advice
What should I consider when buying multiple properties?
Great question! How much time have you got? 😉 If you plan to build a large property portfolio (more than 3 or 4 properties) you will want to talk with an experienced broker to make sure you’re positioning yourself properly from the start. If you’re considering purchasing a second home, or having one or two […]
When buying a second property, how much do I need for a down payment?
You can purchase an additional property with as little as 5% down as long as: you intend to live there as your primary residence (ie. keep your existing property as a rental and move in to the new home) you intend to use it as a second home (ie. vacation property, home in another city […]
Why do I qualify for less if I am taking a variable rate?
When lenders qualify you for a mortgage, they look at a number of things. They’ll check your credit, income, assets and they’ll take the property you are buying in to consideration as well. When they determine how much you qualify for, they will look at your debt ratios. In simple terms, your debt ratio is […]
Why do I qualify for less if I am taking a term shorter than 5 years?
When lenders qualify you for a mortgage, they look at a number of things. They’ll check your credit, income, assets and they’ll take the property you are buying in to consideration as well. When they determine how much you qualify for, they will look at your debt ratios. In simple terms, your debt ratio is […]
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Have a question you don’t see an answer for on friendlii? Click here to submit it and one of our friendlii certified helpers will respond promptly & cheerfully to your question(s). 🙂
What else will I need to pay for in addition to my down payment?
What you’ll need for sure: closing costs (ie. legal fees, registration of mortgage, land titles, et.) Budget about 1% of the purchase price for closing costs. home insurance moving expenses utility hook up Not mandatory, but would be wise to factor in: home inspection life/disability insurance for you and your family furnishings maintenance and repairs […]
What should I do if I can’t make my mortgage payment?
Image courtesy of http://www.lookhuman.com It happens to the best of us, but how you handle things might help soften the blow. Most importantly, don’t hide! Contact your mortgage broker or your mortgage provider as soon as you know there will be a problem. Let them know why you’re behind and there may be something […]
What is a good song to celebrate getting our new house?
Baby I’m coming home!! Here’s what I listened to when I got my home 🙂