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Mortgage Bytes II

  • General rule of thumb:  To qualify for rental property financing, a maximum of 50-80% of rental income may be used in your mortgage application. There may be exceptions so talk with a good mortgage planner.  If it’s a CMHC-backed second home mortgage, however, no rental income can be used.
  • Only 0.26% of Canadian mortgages are in arrears according to CIBC World Markets.  In the U.S. the percentage is triple that.  For U.S. subprime mortgages the number is 13%!