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I got approved for my mortage today, its a pretty big deal for me since I currently have a house and don't want to sell it. Yet I want another house and another mortgage.

The lender onside for the new home wanted me to break existing mortage, take more money out on it and then take a smaller mortage on the existing home, was turning into a big crapshoot since the breaking of mortage was probably going to be a big hastle and I would only be getting a 5.5% rate.

Now the Wife and I can rest easy knowing theres not going to be an issue, esp. since we already put down 10K.

Got approval keeping the existing home as an income (rent) and approved for 20K above purchase price on the new home at 4.8% for 5year.


Woot woot.... B)

excellent..........2 thumbs up!

Awsome Kevo!! Congrats!!

I cant wait to buy my 1st 1.

Nice rate Kev! Not sure if the rates are different geographically in Ontario, but that's pretty close to what we got (4.5% for 5 years).

Yeah, isn't having the down paid out already nice and nerve wracking? :rolleyes:

I remember when we were over a couple of weekends ago you said you were getting anxious about this... I'm glad it all worked out!

Congrats y0

Well done. Does two properties make you a "tycoon" or do you need more to reach that staus?

Wow.

Balls indeed.

Congrats!