Buying A 3rd Property

by Paul
(Brantford, Ontario, Canada)

My wife and I each own a house. I moved in with her and we rent out my house. We want to buy a 3rd property to live in and rent out her house.(our current residence)

What percent will I need to put down for the 3rd house to acquire the mortgage? Assuming credit and earnings all comply.

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Jan 30, 2015
 RE: Buying a 3rd property
by: Tom

Usually you'll need 20%.

There are some programs that will allow less if there's a family member moving in and sometimes some "B" lenders will allow less (you'll have to pay mortgage insurance).

Your best answer is going to come from an experienced mortgage broker. Mortgage rules have been changing almost monthly so they'll have the very latest options for you.

Thanks for the question!!

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