Most mortgages will indicate that they are portable. So it should be easy to move it to a new home, right? Not always. More and more people are discovering that porting their mortgage isn’t as easy as it sounds. What is porting a mortgage: Porting a mortgage means moving your mortgage from one property to another. … Continued
This topic has come often lately. We have seen many clients need to list their rental properties due to income loss during Covid. On the flip side, we have clients buying homes to live in that are currently rented. Sellers Take Note: If you are selling your home (with a suite or rental property) you … Continued
1. Your Own Money What banks consider the best source of downpayment is your own savings: for this, banks/insurers require a three month history of any account being used for a downpayment. They look at the three months to confirm there hasn’t been any large or unusual deposits. If there is a large deposit they … Continued
Owner-Occupied Homes Minimums: The federal government, through the mortgage insurers, sets the minimum for downpayments. For a house that is owner-occupied (Ie. the person buying it will live in it) the rules are as follows: 5% down for the first $500,000.00. For example, a $400,000.00 home would require $20,000.00 downpayment. 10% down for any additional … Continued