Hello guys ! I am looking for some advise here. I am going to finish paying for my mortgage within a year from now. I was always good at paying the instalment on time and my credit is good. As I am going to be free from the extra expense of paying up the home mortgage, I was thinking about buying an investment property and while looking, I found a good deal. Now, I am trying to get a mortgage for that property, if it is possible. I am confused, whether I should wait till the mortgage is over or go for it with just a few months remaining on the current mortgage. I have reasonable income and savings to pay for multiple mortgages for a few months, but still not able to make a decision. I will contact my mortgage broker Toronto for more technical help, but would like to get an outside opinion as well. Is it possible? If yes, do you think it is a good idea?

Yes, use a mortgage broker.

You may also wish to add a HELOC or LOC (Home Equity LOC = Line of Credit) on your house to have cash in access in case you need it. Related posts here http://myreinspace.com/threads/educational-rein-posts-by-thomas-beyer.10663/

Absolutely possible, agree with Thomas just talk to your broker, and talk specifically about how the next 2, 3, and up to 10 purchases can look for you.

Thank you guys! I guess I will have a talk with the brokers.

In almost all non-construction cases a second mortgage is not a good idea. Money has to be sub 3% for most deals to make sense these days in a buy-and-hold scenario !

So in case of an equity rich personal residence it either means refi to 75-80% of value at sub 2.4% or an LOC at prime to prime plus 1/2 ie up to 3.2% tops.

Hi Stevens,
I encourage you to reach out to Vine Group. We can be reached by email at [email protected] or by calling 1-844-411-Vine. Once we have assessed your goals, we would assemble the appropriate local team to advise you to how best meet your financial needs.
Best Regards,
Vine Group