Refinance Strategy and Equity


A past client of mine, for whom I was the mortgage broker for her first property, is the mother of two young adult boys who are both entering university away from home. She contacted me for advice on what would be the best strategy to avoid having to pay rent since her two sons will be living together near their school in a nearby apartment.

I advised her, since she has equity in her previous home, to refinance her present property and retrieve the down payment for the new home for her boys, close to the university. It would then be an investment property for which she would also be on the title. She was fearful of the 20% down payment.

I mentioned to her that it would be considered a secondary home and since her sons are family members, the CMHC, which is the mortgage insurer, would allow her to put the minimum, which is a 5% down payment.

So, we refinanced her current home, and she was able to purchase her first investment property and avoid having to help her sons pay rent on something she does not own. It would, furthermore, give her sons their first responsibility and their first home as young adults.

Everything is possible, we simply must be educated and have a good strategy.

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