Mortgae help... down payment question!?

Shrugged

Shrugged

Take me back to the world gone away
Aug 20, 2007
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Hey out there,
So I'm putting at least $2000 a month on bills and rent these days with some more to play around with... I have a great credit rating and a solid job.

The only thing Im missing is the 15% down payment... roughly $15,000.00 in this case...

Is there a way around this? (I'm new to the home buying game)
A guy I spoke with from a big name bank said there were a few 'off the record' tips he could give me if I came in to meet with him...

I was just wondering if there was anyone here with tips or advice?

Let me know, it would be MUCHO appreciated!
 
I believe you can still purchase with 5% down or 10% down. You CANNOT buy
with 0% down as in the past. If you don't put down 25% you have to pay for insurance with CMCH I believe it's like 2 or 2.5% of the mortage.
PS: shop well for a mortage
 
In Toronto I believe some of your land transfer is free, your real estate sales person should know.
 
You should only need 5% down payment with CMHC. With 20% DP you could avoid CMHC altogether.
At 15% DP you plan to buy a property worth $100,000? What can you get for that?
 
buckwheat1 said:
In Toronto I believe some of your land transfer is free, your real estate sales person should know.
Click to expand...

Ya I've been told because I'm a first time buyer it will be free

Can anyone recommend a bank that was VERY helpful? (or one up, an agent specifically)
 
I was at the bank yesterday for a mortgage for an investment property. TD offered 3.8% variable for 5 year term. They want 35% down because it is not my principle residence. Fuckkers
 
It will not be an easy task. They gave me a hard time yesterday and the woman had quite an attitude. She basically was telling me that it may be very tough to get approval, this was even before she checked my assets and income. After she checked my income her attitude changed and she started calling me Mr.xxxxx. I am waiting on the bank today to see if I am approved. Still not greatly optimistic.
 
You can borrow the downpayment as long as that loan is not secured against the property. You can even have it secured agains the property so long as it is 2nd in line behind the mortgage.
 
If you have credit cards say like visa/mastercard/home depot and even if there is nothing owing on them they use the amount you could borrow against you. EG: I have a mastercard with $15000 limit I have nothing on it a present however teh bank or lendser will hold that against me as tomorrow I could run out and max the card out. Be sure and get those limits lowered first. I use ING bank ingdirect.ca
 
One of they ways around your down payment problem is called a hidden second. The first mortgage is registered as if all the lawyers had your full down payment in trust and by some miracle things changed and a second mortgage had to be put on the property at a later time ( 5 - 30 minutes depending on the line up at the office ) . This can be done with a vender's take back of the second or usually a different lender than the first . The first lender may require deniable of prior knowledge that this was to happen . I have done this with a house and it worked fine but my biggest problem was signing a document with my lawyer saying I had given him 75 000 I didn't have . Lawyers on all sides new the money never existed and had no problem with me signing the false paper but I felt uncomfortable .

Boo
 
Shrugged said:
Hey out there,
So I'm putting at least $2000 a month on bills and rent these days with some more to play around with... I have a great credit rating and a solid job.

The only thing Im missing is the 15% down payment... roughly $15,000.00 in this case...

Is there a way around this? (I'm new to the home buying game)
A guy I spoke with from a big name bank said there were a few 'off the record' tips he could give me if I came in to meet with him...

I was just wondering if there was anyone here with tips or advice?

Let me know, it would be MUCHO appreciated!
Click to expand...


you can buy with 5% down.........if you really want you can do 5% down with a 5% cash back which essentially is 0 down.

Pm me if you need any help
 
Rono said:
I was at the bank yesterday for a mortgage for an investment property. TD offered 3.8% variable for 5 year term. They want 35% down because it is not my principle residence. Fuckkers
Click to expand...


You can do investment property to 90%, maybe even 95% if i search it, dont listen to what she is telling you. As long as your income can support both, there should be no prob, we can even bump the income with rental income.
 
freakshow said:
You can do investment property to 90%, maybe even 95% if i search it, dont listen to what she is telling you. As long as your income can support both, there should be no prob, we can even bump the income with rental income.
Click to expand...
My intention was to put the minimum down that they would allow, 5% and let it ride while renters pay off the property. I will put the 35% down if I have to, she is trying for 25% DP. The banks are greedy. I am considering holding off until next year and pay cash, this way the bank gets nothing.
 
Rono said:
My intention was to put the minimum down that they would allow, 5% and let it ride while renters pay off the property. I will put the 35% down if I have to, she is trying for 25% DP. The banks are greedy. I am considering holding off until next year and pay cash, this way the bank gets nothing.
Click to expand...


well if you need or want help.......let me know
 
If you can, avoid using the BANK. Get a mortgage broker. WAAAY BETTER. Been there done that. Make sure you compare rates.
 
If you're just looking for down payment, you can take up to 20k from your RSP if you're a first time home buyer. Google "home buyers plan CRA" or look up CRA publication RC4135. You pay it back into your RSP over 15 years.
 
Hangman said:
If you're just looking for down payment, you can take up to 20k from your RSP if you're a first time home buyer. Google "home buyers plan CRA" or look up CRA publication RC4135. You pay it back into your RSP over 15 years.
Click to expand...


and that's per person........so if its you and your spouse you can both take out 20 each
 
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