Currently living in a condo that I bought 5 years ago and visiting houses. I have to renew my term and debating if I should leverage a refinancing model. I’m very green with those things. Can someone help me understand while outlining pros/cons. I feel there is lots of marketing when doing my research and looking for an honest opinion.

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In terms of numbers, bought my place 300K, owe 200K to the bank. Value on the market should be around 500K, but let’s keep it 400K in case reevaluated. Does that mean that I would get 120K from the bank that I can use as a cash down to finance the 20% for a house ? I assume house would be around 950K and currently have 150K cash available to finance the house.

My term is ending this summer, so should assume a 3.5% interest rate. Currently make +- 225K per year. No kids and single.

Also if I end up keeping my condo and rent it, I guess I will be taxed on the 50% bracket on rental income, so refinancing would help reduce my taxes given I’m increasing my debt through interests payments / reducing profits ?

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Suggest reaching out to a broker

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Given your high equity in your condo + income to service the debt, you can definitely refinance but using borrowed funds as a down payment will likely be quite tight (depends on your other debt commitments) as you’re borrowing about ~1M total on a 225K salary.

The operating income from renting a condo is a lot lower than the gross after you account for mortgage interest, strata fees, insurance, property tax so the 50% tax might be on a few thousand only while helping you build equity + provide add’l income for income-debt servicing calculations.

helpful

Thanks

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