Hi I wanted to ask have any of you recently done a cash out refinance. Biggest draw back is interest rate means much higher monthly payments even if you just cash out 100k or 200k for example. Has anyone had success investing this way using cash towards ...
May 8th, 2023 10:49 am
We are doing a mtge refinance using approx 20% of the available equity. One of the requirements from the lender is an appraisal of our condo. Do we need to stage the place as if we were listing it on the market or am I overthinking this?
Jan 15th, 2023 11:05 am
Hello, I’m trying to understand the impact I will face when I renewal my mortgage in 3 years. If I don’t make sufficient payments towards the principal and there’s a balance owing will I have to cover the difference as a lump sum payment? (ie if most payments are going towards interest) And if I’m n...
Dec 13th, 2022 11:38 am
... the $1.2m~$1.3m range. We would like to increase our budget to buy a dream home, can we achieve this by refinancing our rental condo? Can we refinance and cash out an extra $360k from refinancing the rental condo based on the information below? Should we do this through the same lender that ...
Dec 3rd, 2022 2:23 pm
I got an insured mortgage and my DP was 10%, at this point I am above 20% paid off, so when the time comes to renew, can I go for a longer maturity? If that is not allowed, is it at least allowed to refinance for another 25 years?
Dec 2nd, 2022 11:38 am
I have been offered 3.9% rate to refinance and access upto 50k equity in my property. I am just shy of 40 and am thinking it might be one of the better opportunities to dca over the next 12 months or so. Will likely invest in veqt or qqq ...
Aug 4th, 2022 10:55 am
... propose adding me to the title, for me to co-own the property, so that I can get a mortgage on the property. Would this be considered a mortgage refinance or a new mortgage application? I hear if you do refinance, the rate is not as good, compared to a new application. Any way to spin this off ...
May 30th, 2022 12:20 pm
Hi, I am refinancing my house and will have access to say $100K (not in HELOC but cash). Could I invest these $100K and deduct the interest ($100K portion of my mortgage) from my taxable income? Basically I am trying to borrow money for investment and deducting interest.
Apr 19th, 2022 4:12 am
... TD has an interest rate of 2.85% part of it is variable. My mortgage is 1.45% variable. It's up for renewal in about a year. Does it make sense to refinance for 280,000 cash at a lower rate or just take it out of HELOC? I'm trying to do the math but I'm not really sure which is the better option. ...
Feb 5th, 2022 3:31 pm
... out with good rate..And in order to keep the interest cost calculation simple for my original mortgage (to deduct rental income), I prefer not to refinance ..Given that ...what is my option ? A HELOC in addition to an existing mortgage? Or a second mortgage? Are they feasible?
Jan 15th, 2022 7:36 pm
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Dec 26th, 2021 9:42 pm
Hey guys, I am looking to refinance my old place which is currently being rented out, to take out some cheaper loan. My concern is the mortgage interest when it comes to tax return season. I think I can calculate based on the old mortgage ...
Nov 4th, 2021 11:09 pm
Hi, I am planning to refinance my mortgage. I have 1.74 fixed mortgage from cibc right now. I was wondering which banks are offering the best fixed rate? Thanks
Sep 23rd, 2021 5:08 pm
Hi folks. What is the process for getting financing from bank against a property that does not have any mortgage? does the lender consider your income for this? what is a good way to approach this? the objective is to use the money lent by the bank for buying a rental property. thank you for any ide...
Jul 8th, 2021 12:12 pm
I've refinanced for renovations, but because there is a delay in construction I have the refinance amount sitting around in cash account. Because the delay might go into the new year, will this refinance count as income and ...
Jun 20th, 2021 5:27 pm
... Property #2: Mortgage renewal is due in December 2021. Currently at 3.9% fixed, equity almost 600,000. We are considering our options: Option #1: Refinance both 1 & 2 and pull out the equity to be prepared for 2022 closing as we are self employed although both have over 800 credit score but ...
Jun 5th, 2021 2:15 pm
HelloI just renewed my house for 4 years fixed rate, I am wondering if it is possible to refinance again on the same house from the same bank. I sill have room left to borrow, it is just I did not plan well at the time of renewThanks
May 19th, 2021 7:33 am
Trying to figure out if the following is possible... - I take out $50k by refinancing my rental property. - Lend the $50k to my wife as a spousal loan - I can tax-deduct the full mortgage interest for my rental property since the refinanced amount is used as an investment (spousal loan). - My wife i...
May 7th, 2021 11:49 am
Hi guys,I did refinance with RBC in the past. What other big banks do free appraisals on refinance and which you guys recommend ? I know B2B doesn't do free home appraisal. Thank you
May 7th, 2021 9:23 am
Hi all, I would like to discuss the pros and cons of closing a condo with cash. The two situation are: scenario 1) Pay cash at closing, then refinance a loan for investment later with tax deductible interest. scenario 2) Sign a mortgage, and make payment with interest non tax deductible. (conventional ...
Apr 8th, 2021 9:12 am