Hi,

I had a house for which I paid 25 percent downpayment. Current house value is about 2,75,000. Now I want to buy a business and want to get a secure mortgage agiast the house. How much (max) I can get?

Thanks.

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Hurat Honani Murat!

Hi Surti,

You can refinance from your house up to 90% of the appraised value subject to CMHC or GE premium of around 3.25% or up to 100% of the appraised value of the house from certain other lenders who will not get the mortgage insured by CMHC or GE and would charge 4% of the premium. However, it depends on your income and GDS & TDS ratio's.


Thanks

Pramod Chopra
The Mortgage Alliance Co. of Canada
416-560-6951



http://www.pramodchopra.com" rel="nofollow">LINK

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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada