Category: House shopping
If you have a portable mortgage and you move, do you need to pay another down payment on the next place?
Yes, you do 🙂 A lender is not able to finance any more than 95% of the value of a primary residence purchase. Even if the amount of the mortgage you are porting is equal to, or greater than the purchase price of the house you are buying, you’d need to pay that mortgage down […]
How much do I need for a down payment?
To buy a home with 5% down, you’ll need to meet the following: owner occupied property (not a rental property or investment property) provable income purchase price of less than $500,000 in most cases, Canadian residency would be required the ability to prove a 12 month history of good credit (if you just moved to […]
What is a bridge loan? (aka bridge financing)
Imagine you are selling your house and you’ve bought a new place to live. You’ve made a nice profit on the sale of your house (WOOT!!) and you’re using that money to help purchase your new home. You want to move in to your new house before you have to move out of your old […]
How long will it take to get an approval once I’ve made an offer on a house?
How exciting!! You’ve found a house and you’re making an offer – what a thrilling time!! When you make an offer on a property, your realtor will typically write up the offer so that you have time to get your mortgage financing finalized. Even if you’ve done as much as possible up front (ie. provided […]
When I give a deposit with my offer to purchase a property, does that go toward my down payment?
The short and sweet answer: Yes, it does 🙂 For those who want a little something more to read: When you make an offer to purchase a property, you provide a deposit along with the offer as a show of good faith to the seller. Typically, when you make an offer on a property there […]
Can I buy another property and keep my house as a rental?
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. 🙂
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 […]
Could an email from a Nigerian prince be downpayment for a mortgage?
No, sorry. 🙂 But you could borrow money for a downpayment. We will have to include the payment for the loan in your mortgage application and you will have to have good, established credit (ie. credit score of 650 or higher) for at least two years.