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Old 03-17-2015, 03:02 PM   #21
Mortgage Made Easy
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ATB does for sure.

Yes ATB is one of the lenders we would look at for this type of scenario.
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Old 03-17-2015, 03:09 PM   #22
Teh_Bandwagoner
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Originally Posted by Mortgage Made Easy View Post

You can refinance up to 80% of the current home to access the equity.
I thought that was changed to 65% a few years back. Did they up this to 80% now? Or is that only in certain situations?

Edit: Found it! Looks like it's 80 for refi, 65% for HELOC? http://www.fcac-acfc.gc.ca/eng/resou...mprunte-1.aspx
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Old 03-17-2015, 03:55 PM   #23
Mortgage Made Easy
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Originally Posted by Teh_Bandwagoner View Post
I thought that was changed to 65% a few years back. Did they up this to 80% now? Or is that only in certain situations?

Edit: Found it! Looks like it's 80 for refi, 65% for HELOC? http://www.fcac-acfc.gc.ca/eng/resou...mprunte-1.aspx

That is correct. You refinance up to 80%. If you we obtaining a HELOC you can do a HELOC to 65% and add a mortgage of 15% to a total of 80%.

The maximum total refinance with all or a combination of products is 80%.

Let us know if you have more questions prof we can assist. ~Tim
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www.TimLacroix.com

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Old 08-23-2016, 04:37 PM   #24
PaperBagger'14
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Sorry for the necro-bump here but I'm looking for some advice. I have a home right now that I have lived in for ~9 years. I easily have the equity in this house to refinance and make a 20% down payment on a second house. My big worry right now is the rental market, so I am planning on using a property management company (undecided which one). When using a property management company, is there any rental income protection in case the company cannot find tenants? What other clauses are common to find in an agreement with property managers? I'm curious as to the layout of these agreements as I would like some security in this investment. Thanks in advance!
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Old 08-23-2016, 04:47 PM   #25
Mortgage Made Easy
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There is a rental management company on this forum that likely can answer your questions. His handle is "Property Manager DB".

To assist in making the numbers potentially work, we would look at the refinance numbers to gauge the cash flow etc. Lenders when qualifying do take into account vacancy, upkeep costs etc. This is part of the qualifying however the next plan is determining fair rent and positive cash flow.

Some of the factors that can help with cash flow is the proper mortgage setup. If you have questions, please do not hesitate to PM or call (403-648-1541). ~ Tim

Quote:
Originally Posted by PaperBagger'14 View Post
Sorry for the necro-bump here but I'm looking for some advice. I have a home right now that I have lived in for ~9 years. I easily have the equity in this house to refinance and make a 20% down payment on a second house. My big worry right now is the rental market, so I am planning on using a property management company (undecided which one). When using a property management company, is there any rental income protection in case the company cannot find tenants? What other clauses are common to find in an agreement with property managers? I'm curious as to the layout of these agreements as I would like some security in this investment. Thanks in advance!
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Tim
Mortgage. Made Easy Experts
Kardia Mortgage Inc
www.TimLacroix.com

If you have any questions please feel free to PM me or email puckforum@cgymortgage.com

Click here to View current Mortgage Rates

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