Buying another home
Home buyers tips.
When you are ready to buy your second or more home, you are already experienced in this industry. You are aware what to buy and where to go for the best value for your investment. Here you will find some very useful informations related to your next home buy.
Second Home
If you are buying a second home keeping the first one then the second one would most probably be considered as an investment property. Recently Government of Canada has introduced some laws to define the mortgage eligibility for these kind of mortgages. The main points are given below.
- All borrowers must qualify for the posted rate for a five-year fixed-rate mortgage, even if they want to get a variable mortgage or a different term.
- The maximum exsisting home refinancing is now 90% of the value of the home. This was 95% before.
- A minimum 20 per cent down payment must be made — up from 5% — to get CMHC insurance for investment properties.