Latest Mortgage Tips

 

- Any properties up to 160 acres CMHC will allow the value of the 60 acres house and garage
- Client purchasing a property as primary residence that provides rental income CMHC will allow 100% of the rental income.
        -Client must have credit score of 680 or higher
        -Client must provide 2 years of proven rental agreements
-Client purchasing an investment property: 80-100% of Economic rent can be used (a reminder on investment properties clients must have 20% down)
Example: on $2000 a month rent is $24,000 a year- this allows the client to have $640 more of a monthly mortgage payment-big impact on their purchasing power