Did you know...co-ownership properties can be financed through some mortgage lenders?
The banks are generally not interested in placing mortgages on this type of property; however, some mortgage brokers can assist buyers in arranging a mortgage at competitive rates.
The following general guidelines apply:
- 30% down payment required
- Application fee $250
- Verifiable income
- 32% GDS / 42% TDS
- Extended amortization available (no surcharge)
- Choice of payment frequency
- Prepayment privileges available
If you are considering a co-ownership property purchase, please let me know and I will have my mortgage contact check to see if that particular property is on the lender's approved list of properties.
As usual, please let me know how I can help you!
Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,
A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate
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RE/MAX Realty Specialists Inc.
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( BUS 905-828-3434
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