Buying a house and paying mortgage from Rent.
Nov 8th 2001, 2:28 pm
#1
Guest
Posts: n/a
Hello! I have plans to land in Canada (not sure where to go yet?)as a PR and buy a
home with 25 % down payment However; I would like to return to my present country of
residence and continue to do some more savings for another 6- 12 months. Is it
advisable to buy a home and rent it out for above period? Pease advise.....
cheers
home with 25 % down payment However; I would like to return to my present country of
residence and continue to do some more savings for another 6- 12 months. Is it
advisable to buy a home and rent it out for above period? Pease advise.....
cheers
Nov 8th 2001, 11:54 pm
#2
Guest
Posts: n/a
You may have a problem securing a mortgage as most conventional mortgage lenders want
to look at your income in Canada. They may not take into consideration the rental
ncome or your ncome in the USA where I presume you reside at present.
Jim Metcalfe, Consultant
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to look at your income in Canada. They may not take into consideration the rental
ncome or your ncome in the USA where I presume you reside at present.
Jim Metcalfe, Consultant
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Nov 9th 2001, 1:30 am
#3
Guest
Posts: n/a
It may make sense to buy and rent your property out. The interest rates are at an all
time low right now and there is a shortage of rentals (where I am at least - Barrie
ON). I just bought a house for $160,000 and with 25% down the Mortgage company didn't
even want to know about my income or anything! The only downside is that I didn't get
the best rate. But your rent income would probably cover your payments anyway.
I am a realtor working for Century 21 here in Barrie. I can sell any property,
anywhere in Ontario. Drop me a line - you'll get the best, most honest service you
could wish for ........
[email protected]
regards - Paul Jackson (sales representative) I have to put that, it's the law!!!
time low right now and there is a shortage of rentals (where I am at least - Barrie
ON). I just bought a house for $160,000 and with 25% down the Mortgage company didn't
even want to know about my income or anything! The only downside is that I didn't get
the best rate. But your rent income would probably cover your payments anyway.
I am a realtor working for Century 21 here in Barrie. I can sell any property,
anywhere in Ontario. Drop me a line - you'll get the best, most honest service you
could wish for ........
[email protected]
regards - Paul Jackson (sales representative) I have to put that, it's the law!!!
