Hello Maynard, the purchase of the new property will require a 5% minimum down payment. Porting your mortgage from your existing property can be done to the new property and increased or decreased accordingly to match the amount of funds you need to close the deal. One thing to remember is that you may have paid the one time Mortgage insurance fee when you bought your first property. The fee was based on the amount of down payment you placed to begin with. In order to avoid paying a whole new premium you must make sure that you do not exceed that original Loan to Value. i.e. if you took a 90% mortgage the first time you must stay below or equal to 90% on the new mortgage to avoid paying a full mortgage default insurance again. You will only be charged a premium on the new funds you borrow in this case, much cheaper! There are other factors to keep in mind and I can go over them if you like in detail, give me a call. Each situation is different and It gets quite complicated if I were to lay out every possible scenario on this reply. I am available to answer questions with no obligation to you or any reader interested. Give me a call: Abraham Niyazi - Mortgage Agent - Lic#M08010640 - Centum One FInancial Corp - Lic 10758. Cell: 416-993-4082 Toll Free: 1-866-728-3708 x 115 http://www.centum.ca/abraham_niyazi/ I deal with 25 lenders and can do mortgages across Canada except Quebec.

Powered by

.. how sad and draconian a world is it that the brits inhabit and do nothing about... capitalism has never been about sharing... it spun that as a cheap, mugs' myth by blair and thatcher. capitalism is solely in the hands of the old wealth base. they simply print more money. that has always led to the problem and funded the rich out of it. but it is a recent example of the ordinary bloke re-mortgaging his brains out, holidaying in the bahamas and only being able to pay for it on paper. it is not just the filthy rich that are the butt of the recent financial meltdown. in reality we all are... because we believe the existing system is the only option... often negate individual talents, and rely on peer group mediocrity that encourages people to move from blue to white collar lifestyles, which they end up hating, because the larger capitalist agenda eats that socio mobilising fodder alive. uk is still an old class culture that now administers power from the inaccessible corridors of the city, with a gentlemens' club marginalising mindset that trickles down faster than their much exulted loose change. it has exploited all and sunder for years, centuries. in the past it sent young blokes to their deaths... now it kills off generations financially (and still exports war). the few who have done well will seek to discredit those who have not - no doubt here also. look at the fundamentals of uk economy and you see a city based, scam laden, gin and port spin society, hell bent on escaping its class and wealth confining reality. obsessed by money. it has lost much of its cultural identity, faith and family values. the fundamentals of social well being. life is about sharing certainly. but you do not need that much to be able to look after family. the housing market is still down... the banks are brimming with cash... property is now about to be sold as a safe investment. the whole thing will start all over again. because they control you the lambs who live for the good life... even though you probably already have it. now they need to entice a new era of mugs to fund their next bubble. it generally takes time and dedication to get somewhere stable and satisfying. you do live in govt housing! by the time you pay a mortgage the house has cost you 3 times its value! a one bed flat in s london is still worth 120k... 20 years ago it was worth 70k... duh do the maths. ketkonen it's just a game bud. the shedding game. they have to print money - that is the only way capitalism works. http://www.youtube.com/watch?v=q8bk mncjuh0&feature=related ketkonen it's just a game bud. the shedding game. they have to print money - that is the only way capitalism works. http://www.youtube.com/watch?v=q8bk mncjuh0&feature=related http://www.youtube.com/watch?v=q8bk mncjuh0&feature=related

F...in hell ........ I'll have some of what youre smoking please!!