Hi fellow CD's.
I am in market to buy a house and most probably i would go for a resale house.
Though i am waiting till September before making any offer.
So in other words after September 2009, i am planning to buy a house.
Over the weekend i saw a new project which will be ready by Spring of 2011 but you can buy it by giving deposite of $30k and no other payments till first quarter of 2011.
Now i have couple of questions.
Q1. If i buy this investment property by giving $30K deposite right now and later on when i buy my actual house in late 2009, will my mortgage company look at my investment house and could refuse mortgage on my actual house. (They might say that you already have a house and will have mortgage on that too, so we cant approve another mortgage).
Q2. Considering that closing on Investment property will be somewhere in 2011, which house will be considered my first house, Investment property or the actual house. Because what ever is considered my first house will be eligible for all first time home buyer benefits. Does signing a contract with builder means that i have bought a house or is it closing which indicates the sale...i am confused on timing.
Thanks in advance.
Quote:
Originally posted by kabutar12
Hi fellow CD's.
I am in market to buy a house and most probably i would go for a resale house.
Though i am waiting till September before making any offer.
So in other words after September 2009, i am planning to buy a house.
Over the weekend i saw a new project which will be ready by Spring of 2011 but you can buy it by giving deposit of $30k and no other payments till first quarter of 2011.
Now i have couple of questions.
Q1. If i buy this investment property by giving $30K deposit right now and later on when i buy my actual house in late 2009, will my mortgage company look at my investment house and could refuse mortgage on my actual house. (They might say that you already have a house and will have mortgage on that too, so we cant approve another mortgage).
Q2. Considering that closing on Investment property will be somewhere in 2011, which house will be considered my first house, Investment property or the actual house. Because what ever is considered my first house will be eligible for all first time home buyer benefits. Does signing a contract with builder means that i have bought a house or is it closing which indicates the sale...i am confused on timing.
Thanks in advance.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Sorry for hijacking this thread but what is "Investment property"???
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Inderpal Singh
Sorry - yesterday was the deadline for all complaints
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Thanks Pramod ji, appreciate your response.
Quote:
Originally posted by yanksingh
Sorry for hijacking this thread but what is "Investment property"???
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
If in the above case of investment home, the majority of payment is due in 2011 and only 30K is needed up front ..... Considering that a person does not have 50K in RRSP right now but expects to have it by 2011 , can he take the benefit of taking out from his RRSP in 2011 under the first home buyer plan ?
I assume yes but can someone confirm .
Kabutar12 ~ would the final price of these investment homes be fixed now or in 2011 ?
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Fido.
Quote:
Originally posted by Fido
If in the above case of investment home, the majority of payment is due in 2011 and only 30K is needed up front ..... Considering that a person does not have 50K in RRSP right now but expects to have it by 2011 , can he take the benefit of taking out from his RRSP in 2011 under the first home buyer plan ?
I assume yes but can someone confirm .
Kabutar12 ~ would the final price of these investment homes be fixed now or in 2011 ?
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
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