Self or combined mortgage

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May 13th, 2019 8:53 pm

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May 10th, 2019 10:23 pm

Ram421 [OP]: Newbie; Oct 22, 2013; 72 posts; 13 upvotes; Etobicoke, ON

May 10th, 2019 10:23 pm

Self or combined mortgage

Hello,
I have this question regarding my mortgage as a first time home buyer .

I walked into RBC and they offered me a rate of 2.94 at 5 fixed . They have advised to only keep my name in mortgage application and not to include my wife’s name . The reason behind that was I’m qualified for a 600k mortgage and there is no need to add my wife into mortgage application or in the title . We want to purchase a rental or investment property sooner and we were hoping we can use my wife for the second property that is an investment property. This property will be the primary residence or matrimonial home .

Question:
1. Is adding only my name a good suggestion ? Will it help me in the future for investment property to just go with her name or combined ? I am not worried about the legal marriage issues between us and we do not want to sell this property

we have RRSP and a spousal RRSP. In order to withdraw the money from my RRSP and spousal RRSP, should mine and my wife’s name should be included in the mortgage application?

2 replies

May 12th, 2019 11:10 pm

Blackorchid13: Newbie; Apr 4, 2019; 2 posts

May 12th, 2019 11:10 pm

It makes no difference. What’s your is hers and what’s hers is hers !

On a serious note you need to have a Finace guy that will be able to project maximization of your incomes vs freeing faster your cash down. Plus there’s a bunch of rules on rrps withdraw the 2nd time around. Like I said yours is hers my friend

May 13th, 2019 8:53 pm

CdnRealEstateGuy: Deal Fanatic; Feb 2, 2014; 8575 posts; 2450 upvotes; Toronto

May 13th, 2019 8:53 pm

Ram421 wrote: ↑ Hello,
I have this question regarding my mortgage as a first time home buyer .

I walked into RBC and they offered me a rate of 2.94 at 5 fixed . They have advised to only keep my name in mortgage application and not to include my wife’s name . The reason behind that was I’m qualified for a 600k mortgage and there is no need to add my wife into mortgage application or in the title . We want to purchase a rental or investment property sooner and we were hoping we can use my wife for the second property that is an investment property. This property will be the primary residence or matrimonial home .

Question:
1. Is adding only my name a good suggestion ? Will it help me in the future for investment property to just go with her name or combined ? I am not worried about the legal marriage issues between us and we do not want to sell this property

we have RRSP and a spousal RRSP. In order to withdraw the money from my RRSP and spousal RRSP, should mine and my wife’s name should be included in the mortgage application?

Impossible to answer this question without crunching the numbers. It may very well make no difference if she is on title or not. You still may have to go on title to the next purchase to qualify.

Best mortgage rates start at 2.74% 5-year fixed btw. Rates have dropped quite a bit recently.

Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative

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