I Want To Buy A Second Investment Property

by Kimberley Linde
(Fenelon, ON)

I already have my family home and one investment property. I only had to put 5% down on my investment property because my daughter was going to university and we bought the house for her use. I have had my investment property now for almost a year and a half. It has been a very positive experience and I want to buy another one. My mortgage broker from RBC told me that I must put 20% down. I have to believe that there are other ways around this without using the equity in my own home. I read your site and it seems like there are other options, especially since you mentioned CMHC and how Genworth and AIG are now battling it out. What do you suggest as my best option? Thanks for your help!

Comments for I Want To Buy A Second Investment Property

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Nov 07, 2012
RE: I want to buy a second investment property...
by: Tom Karadza

Tough one. It was easier a few years ago. If your bank isn't going to have any other options then it's worth a call into a mortgage broker. Try and find one who does a large amount of business because they often have a wide network in the mortgage business. The only option they may have is a "B" lender who will do it for less than 20% down but will charge a slightly higher interest rate and have more fees associated with the mortgage. Because the mortgage business is changing monthly right now it's difficult to keep track of the very latest.

But if you track down a mortgage broker who has been in the business for a while and does a lot of volume they'll likely have an option or two for you.

That would be our best advice at this moment - at least until the mortgage rules change again!

I know that's not super helpful but hopefully it gets you moving in the right direction,

Tom

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