can't wait to read the book and learn more about this strategy. Very informative and can help a lot of people. Thank you so much and God bless you all. Watching from Toronto.
There is no tax deductible mortgage in Canada like the US. This is a way to "maneuver" your non tax deductible mortgage into a tax deductible vehicle. The setup and maintenance cost is quite high and also there is a downward risk to the investment portfolio.
From his book im pretty sure you need a specific type of mortgage. You also want a smith certified person to walk you through this maneuver. I recommend the book alot. Id be doing it myself but i have cmhc and cannot do this yet.
Yes you're right Patrick. He mentions it in the interview too, you'll need a re-advanceable mortgage for this to work and I highly recommend the book as well.
It’s called a readvanceable mortgage and make sure when you apply, you state you want it to be readvanceable. All the big 5 banks offer that product and another broker such as MCAP
Depends on the interest rate. If low (4% or less) I would get a mortgage and invest a big chink of my capital in SnP500. If high I would straight up buy the house and invest right away.
The constant, loud sound effects in this video were not needed, distracting, and super annoying!
can't wait to read the book and learn more about this strategy. Very informative and can help a lot of people. Thank you so much and God bless you all. Watching from Toronto.
There is no tax deductible mortgage in Canada like the US. This is a way to "maneuver" your non tax deductible mortgage into a tax deductible vehicle. The setup and maintenance cost is quite high and also there is a downward risk to the investment portfolio.
From his book im pretty sure you need a specific type of mortgage. You also want a smith certified person to walk you through this maneuver. I recommend the book alot. Id be doing it myself but i have cmhc and cannot do this yet.
Yes you're right Patrick. He mentions it in the interview too, you'll need a re-advanceable mortgage for this to work and I highly recommend the book as well.
What do you mean when you say you have CMHC? I didn’t put a 20% down payment on my place … so does that mean I can’t do the readvancable mortgage?
I’m assuming this would only apply to your primary residence because rental property mortgages are tax deductible?
I watched the whole thing, yet did not understand a thing.
Do I need a HELOC to qualify for this strategy?
You need a re-advancable mortgage. it's slightly different than a standard HELOC. You may want to buy the book for more clarity.
Good video, I waiting for the book.
How does the balance go down if the you’re reborrowing every month?
@@astral16 It does not! That’s the point. The cost of this strategy is risk. Nothing is free.
question! canadian heloc limit is 65% LTV how can I do 100% heloc? is there a strategy?
Don't confuse LTV with re-advancable. You'll still have cash in this deal with your normal down payment but how the loan is structured is different.
Hi, What they call that sort of mortgage with a line of credit ?and which bank/banks do offer it ?
thanks Darren
It’s called a readvanceable mortgage and make sure when you apply, you state you want it to be readvanceable. All the big 5 banks offer that product and another broker such as MCAP
Trying to watch this but the sound effects are brutal
Detailed video pls
Darren - if you had complete cash for buying a 600-700k house - would you straight buy of do this method still. Explain in detail please.
Depends on the interest rate. If low (4% or less) I would get a mortgage and invest a big chink of my capital in SnP500. If high I would straight up buy the house and invest right away.
Got it. Seems clear to me