I've got a few questions, all related to borrowing money for down payment. 1) From speaking to a few brokers, it sounds like many lenders have issues with borrowed money for down payment. What is wrong with this? Why can't I simply qualify for a lower ...
Feb 16th, 2018 10:47 pm
Should one withdraw money for down payment starting with account #1 and work their way down to account #5?1. Chequing account2. Savings account3. TFSA account4. Non-registered investing account5. RSP account - not going to withdraw from this
Dec 12th, 2017 1:05 am
I have a small mortgage. 124k. I also am eyeing a property I'd like to buy. (not in Toronto but GTA) If I have 30% down.Excellent credit. However only 20k annual income, will I be able to swing another mortgage due to the large down payment? Looking to secure a legitimate triplex to rent out.
Jul 28th, 2017 10:17 pm
I recently applied tangerine mortgage, they have 5-year fixed 2.49% interest, probably the best among today's market. However, they require all my down payment to have at least 90 days history in Canada, and they don't accept international fund as valid down payment. This is really frustrating, ...
Jul 24th, 2017 10:15 pm
I recently closed on a place at Queen and Broadview, a modest townhouse in what I hope is an up and coming area! Let’s assume I have 20% down and can carry the mortgage. If I put down 15%, I understand there will be CMHC fees. As per math below, doesn’t it make sense to put down LESS than 20%, get a...
May 15th, 2017 9:47 am
I'm building a house with Homes by Avi and they require 10% down up front.In order to get to the 80% loan-to-value and avoid the CMHC fees, do I pay the additional 10% to the bank directly (to get to the 20% down payment)? I don't want to give Homes by Avi any more than 10%.Thanks!
May 10th, 2017 6:26 pm
My neighbor across the street told me she's getting an Infinity SUV and she put $10000 down payment on her 4 year lease, so that after 2 years she can trade this truck in and have the same payments for the next vehicle ???? Did the dealer scam her?
Apr 18th, 2017 11:37 am
Hi, I was eyeing on this housing development in waterdown, it coming out this spring but no idea on the prices or floor plans. The first phase was mid 200s and mid 300s like 3 years ago I think ...for 2 or 3 bedrooms depending on the style of the houses. I just recently thought of the possibility th...
Feb 3rd, 2017 4:40 am
Asking for someone who works cash only. I read somewhere that it's anywhere between 25-35%? Is this true?
Sep 27th, 2016 12:24 pm
I am thinking about buying a 2nd property and renting it out. I have a 50k personal LOC @ 4.2% interest that I have not touched. Is it advisable to borrow from this personal LOC for the down payment?
Aug 29th, 2016 10:16 pm
... $40 000) Instead of losing the house, my mother essentially bought it, put her name on the mortgage (solely) in a 2 year mortgage. I provided the down payment, lawyers fees, etc and I pay her the mortgage amount every month. The thought was in 2 years I would no longer carry the debt and we would ...
Aug 25th, 2016 10:10 pm
Hello dear friends, I am saving for my first house or condo and want to save 60,000 dollars for a down payment on 300000 price. But i am only half way to my goal. What is best low risk option to invest 30000 dollars.
Aug 4th, 2016 6:36 pm
I know, saving down payment for buying a home in Canada can be challenging. What are the ways to save down payment for a home in Canada?
Jul 27th, 2016 9:24 am
How much do I need to save for down payment on a house?
Jul 27th, 2016 9:16 am
... but I'd like to buy property within next few years. Able to save about $1000-1500/month after all expenses paid and I'm hoping to have 5-10% down payment (if I looked in the $500,000 range) in about 2 years. My two questions: 1) Is it worth buying property with minimum down payment versus ...
Dec 1st, 2015 4:30 pm
Hi there My husband and I currently have our down payment savings in a joint high interest tangerine (formerly ING) account. We both have separate chequing account with TD but do not want to move the money to TD chequeing until we are ready to ...
Jul 23rd, 2014 12:14 pm
Hi,My parent is going to pay for my 10% down payment for a 300K property, my question is how long should the down payment sit in my bank account? I heard from some mortgage agent that it must be in the account for more than 3 months before CMHC consider that, is this true?
Nov 1st, 2013 10:28 am
I've been living in a condo almost a year; (For that condo 23% of the mortgage has been paid off. The mortgage I've got from my bank was 5 year fixed 2.99% mortgage taken last year. So I still need to pay X-23% = 77% for the condo.) Now, I would like to buy a NEW townhouse to move in around July or ...
Mar 8th, 2013 4:15 pm
... can take advantage of the 2013 tax deductions, I should get back $3,100 step 3. use the Home Buyer's Plan to take all $24,000 out to put into the down payment for the condo. step 4. pay the minimum amount required on the HBP loan since this loan is interest fee This way, I can maximize my down ...
Jan 1st, 2013 6:48 pm
Hi, We had a pre-approval with Bank A for 15% down payment. However, Bank A requested to increase the down payment to 25% during the formal application submission. Due to this sudden change, we have no time to change to other Banks. And eventually ...
Apr 20th, 2012 4:29 pm