没首付,怎么样才能买第二套房?

[生鱼片]

:blowzy:我家目前住一Condo,想把旧房做出租房,买第二套房.
但是如果不卖旧房,没有首付买新房.怎么样才能买第二套房?
有什么办法可以通过银行办这种程续?

 

[David89]

I think there are two ways:
1. setup a "zero downpayment" mortgage - you have to pay for some mortgage insurance for it.
2. setup a PLC (personal line of credit) secured using your current condo - usually you can get up to 75% of your property value at around prime rate. You can borrow from your PLC as your downpayment for your new purchase.

That;s my opinion. You should do your own comparison and see which way is more suitable for you.

 

[oureal]

There is no way to do the ' ZERO DOWNPAYMENT' now. Because the government just released the new policy on Jul 9,2008 regarding mortgage.
1: at least 5% down
2:no more 40 yrs amortization, 35 yrs will be the longest

 

[mortgagegopher]

:blowzy:我家目前住一Condo,想把旧房做出租房,买第二套房.
但是如果不卖旧房,没有首付买新房.怎么样才能买第二套房?
有什么办法可以通过银行办这种程续?

1. You should re-finance the current mortgage of the Condo such that the mortgage loan will be as much as 80% of the current value of the Condo. (80% loan of the Condo value --> no CMHC insurance is required . (i.e. this condo will be your rental property)

2. Use the money you get from above Condo mortgage as a down payment of your 2nd home (i.e. it will be your primary residence)

Reason: the mortgage interest you paid on the rental property is considered as an expense of your rental business and it can be deducted from the rental income. On the other hand, there is no tax benefit of the mortgage interest for the primary residence.

That's why I suggest you to have a large amount of the mortgage for the Condo and a small amount of the mortgage for the 2nd home (i.e. a large amount of down-payment).

You can refinance the Condo mortgage and apply the next home mortgage via banks or mortgage brokers. It is an usual practice for rental investment.

How much you can borrow for 2 properties (condo and next home)?
- Is based on your income, your job, credit score/history, rental income amount, property value, and other factors.

Good luck.

 

[Jing33]

I was told you should sell your first house to yourself, then re-finance to your money to second house. That way you need goes through all the processing of selling house, ex. pay lawyer fee. I don't know if need pay land transfer fee? Is this the only step to re-finance? Any experience about this?

 

[mortgagegopher]

I was told you should sell your first house to yourself, then re-finance to your money to second house. That way you need goes through all the processing of selling house, ex. pay lawyer fee. I don't know if need pay land transfer fee? Is this the only step to re-finance? Any experience about this?

It is not necessary to change the property ownership to refinance a mortgage.

From taxation point of view (important: consult your accountant for your specific situation), it is important to have an appraised value of your condo when you convert a property usage from your primary residence to a rental property. The appraised value can be provided by a real estate agent or a professional appraiser with a small fee. In the future, the selling price of this property minus (-) this appraised value will be subject to the capital gain tax because it is an investment (i.e. not your primary residence).

 

[Jing33]

Thank you very much for your detailed infomation, Gopher. SO that means I can re-finance a mortgage based on the appraise value. Is it correct?

Thanks again.

Jing

 

[挺傻]

yes, you can refinance your first property based on the appraisal value. Normally banks will do the appraisal for you for free if you refinance your property there.
You actually can get very detailed info from your banker or a mortgage specialist.

 

[URL]

Still time to grasp the chance

There is no way to do the ' ZERO DOWNPAYMENT' now. Because the government just released the new policy on Jul 9,2008 regarding mortgage.
1: at least 5% down
2:no more 40 yrs amortization, 35 yrs will be the longest

These new policy changes will become effective on October 15, 2008.

Before that date, you can still try to get zero-down mortgages, or 40-year extended amortization, or home equity lines of credit (HELOC), depending on your credit history.

Something worths thinking about as an alternative to refinance.

 

[FusAparlspada]

I need an advice

Hello!I'm new here. I've been browsing tons of forums for an idea of what to do. I was laid off from my job about 3 month ago. I've been looking for a job since then, but did not even get a single interview. I worked as a web designer for a publishing company for the last 5 years. Looks like bbs.comefromchina.com is an active forum with active members and may be someone has some experience working as a freelance web designer. May be this category is not the most appropriate for this question, but I want to try anyways to get some opinions before I go ahead with my life. I'm wondering if it is possible in the current economy to find work for a freelance web designer and make enough to pay for rent and groceries. I was able to find a small project on craigslist and I developed a website for a company. It was a small project and took me only a week to complete. I got paid $800 for 1 week of work which is not bad. Please people give me some ideas. I have 2 kids and my wife is out of work as well. Thank you in advance.

 

[闲得慌]

Can I adopt your kids?

Hello!I'm new here. I've been browsing tons of forums for an idea of what to do. I was laid off from my job about 3 month ago. I've been looking for a job since then, but did not even get a single interview. I worked as a web designer for a publishing company for the last 5 years. Looks like bbs.comefromchina.com is an active forum with active members and may be someone has some experience working as a freelance web designer. May be this category is not the most appropriate for this question, but I want to try anyways to get some opinions before I go ahead with my life. I'm wondering if it is possible in the current economy to find work for a freelance web designer and make enough to pay for rent and groceries. I was able to find a small project on craigslist and I developed a website for a company. It was a small project and took me only a week to complete. I got paid $800 for 1 week of work which is not bad. Please people give me some ideas. I have 2 kids and my wife is out of work as well. Thank you in advance.

 

[windmill]

It all depends on your financial situation. If you have good credit and enough provable income (employment income, commission etc....)to cover both properties, the bank will aprove you 2nd mortgage for 2nd property.

 

[windmill]

I was told you should sell your first house to yourself, then re-finance to your money to second house. That way you need goes through all the processing of selling house, ex. pay lawyer fee. I don't know if need pay land transfer fee? Is this the only step to re-finance? Any experience about this?

This is misleading info and bad idea. To sell property to yourself does not create any credit but expense (to lawyers, city ...).

 

[windmill]

The best time to get line of credit or mortgage approved is when you have a job. It's not easy to get it after you have lost job.