Q. I want to refinance my property. How do I do this?
A. Get the details of your current mortgage (term, penalties, outstanding balance, etc.). Keep in mind your costs for a refinance (appraisals, legal fees, penalties, etc.). The best thing you can do is talk to your current lender and see if they can refinance the property for you. If they cannot help you, find a mortgage broker that you can work along with to achieve this.
Q. I have an RRSP. Can I use it for a down payment? How do I go about doing this? What would be the advantages and disadvantages?
A. You can use your RRSP for a down payment only if you are a first time home buyer. Alternatively you can use your RRSP’s to hold mortgages. Ask your mortgage broker/financial adviser/accountant.
Q. Is there a way to get 100% financing on an investment property?
A. Yes this is possible If you have great credit, a creative mortgage broker, or with a simple 1st and 2nd mortgage. Ttalk to your mortgage professional to assess you in your situation.
Q. Where can I find unconventional lenders?
A. Through Mortgage Brokers. CANREIG also has some affiliates that may be able to assist you. Altrnately, you can look through your local newspaper.
Q. How do I flip a property?
A. To flip a property, you first purchase the property and close on it. Then you list it again and sell it. Between your closing and then listing it again as a seller, you may want to fix it up and add value to it (then it will be called a fixer upper).