Investor · Pickering, ON · Member since 2020 · 46 posts · 14 votes
Hi all, I am thinking about leveraging some of my existing residential properties. Essentially, taking out a 2nd mortgage to get to +90% LTV for one year or so. Has anyone done that? If yes, what has your experience been like?
Obviously, I understand the interest rate is higher for that portion of the loan. But did you have a hard time finding a lender for that?
If you have a current A lender 1st mortgage (with TD or Scotiabank for example) with 80% LTV, is this even possible?
Yes it is possible, I have access to a lender that will do that. Believe it or not, they’ll match your current rate on the first mortgage (plus the equivalent to CMHC fees). It’ll also match your current term, so you can pay it off at renewal, or roll it into the first mortgage.