Can I Roll Other Debts it Into My Mortgage?
mortgagelocator.ca Hi everybody, it’s Rowan Smith with the Mortgage Centre. We’re going to do something a bit little different here this week. It’s where I’m going to answer one of the most common questions I receive, which is “Can I roll my other expenses into my mortgage?” So let’s look at exactly how that would go down. In this example, we’ll take a look at down payment, how it’s structured in an individual mortgage deal. For the purposes of illustration, let’s assume 0000 purchase price — just to keep our numbers nice and round. Now, in Canada, the maximum amount of financing that you’re allowed to get on a property is 95 percent. So in order for you to roll any additional costs into that, you would have to roll more than 95 percent. So if someone says to me, “Can I roll my car payment into my mortgage?” They’re faced with the same set of constraints — 0000 purchase price, 95 percent or 000 financing. But they ask me, “Can I roll the 000 a month loan into my mortgage?” We end up with a situation where the client is rolling more than 100 percent of the value of the home. This is not allowed. So are there ever situations where you can roll costs into your mortgage? The answer is “Yes, you simply have to have a more substantial down payment.” Consider this example — a client purchasing a 0000 home, has 000 down payment, 50 percent down. That same person asks, “Can I roll my 000 car loan into my mortgage?” The answer in this case is “Yes.” They are …
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