房屋贷款知识连载-有问必答

2007-05-02
131
7
2016-06-13
投资房已签楼花,楼花里已经要求BUILDER按自住申请TAX REBATE。办理房贷时,银行还能按照投资房申请房贷吗?
 
2009-08-07
1,187
154
2016-06-14
请问BMO有self employed credit line代替条件更为苛刻的home equity line of credit吗?如果有比较一下好坏利弊
 
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BMO王红雨
2007-09-07
3,591
598
2016-06-15
谢谢回复,请问,MAC取款有限制吗,比如每年取款次数/额度
没有次数限制。取款超过2万,要做title search,并证明property tax paid up to date.
 
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BMO王红雨
2007-09-07
3,591
598
2016-06-15
请问BMO有self employed credit line代替条件更为苛刻的home equity line of credit吗?如果有比较一下好坏利弊
抵押房子的Line比没有抵押的Line利率低很多。

如果是first charge的,贷款本金减低的情况下,Line会自动增加。
 
2007-06-30
52
1
2016-06-16
没有次数限制。取款超过2万,要做title search,并证明property tax paid up to date.
谢谢!也就是说,贷款时,我可以尽量多贷,暂时不用的钱我作为prepayment还回去,这样,我既可以控制每月可负担的月供,又可以给以后留些可用款。是这样吗?
 
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BMO王红雨
2007-09-07
3,591
598
2016-06-17
Mortgage Cash Account, An Amazing Tool





A few days ago I said I would go into detail about what a Mortgage Cash Account is. This tool has really been around for some time now, and I think it is one of the best passive saving tools that exist to the average Canadian. My opinion is that it completely changes personal fund allocation rules

Mortgage Cash Account, or MCA, is a liquid and easily accessible virtual (I will explain this term later) account. The term MCA is the one used by Bank of Montreal. It likely exists at other banks as well, but may be called a different name, so don't worry if you haven't heard of it before!






BMO Mortgage Cash Account
At Bank of Montreal, once you have a standard mortgage, you automatically have an MCA. Initially, when your mortgage is first opened, the balance in your MCA is zero (0). Funds get 'deposited' to your MCA whenever you go above and beyond your mortgage payment plan, and pay additional to your regular amortized payments. This is an important point to understand, because it carries multiple meanings.

1. It means your MCA represents money you've put towards accelerating your mortgage payments. This means any additional payments or additional principal payments contribute to your MCA. For example, BMO calculates my repayment plan based on semi-monthly payments, but I actually chose a bi-weekly plan to match up with my pay schedule. This means every year I am making 2 additional payments (52 weeks + bi-weekly = 26 payments vs 24 semi-monthly payments) into my MCA.

2. It means your MCA isn't a physical account in the sense that there is no separate account number associated with it. It is simply a virtual account that keeps track of how much you've overpaid (based on original amortization plan) your mortgage.

Here comes the fun part.

How to Use It
Funds in your MCA are accessible on very short notice (1 business day) and can be completely withdrawn, or re-borrowed by you, at the same rate as your mortgage! The funds are simply added back to your mortgage principal.

When I first heard this, I thought there was some caveat, but other than a quick employment check, there really isn't anything major.

Now that I've explained what it is, and how it works, I think it should be quite clear how this is one of the best savings tools available to Canadians. Let me elaborate. It's really quite simple

1. Whenever you have money you'd like to save, simply make an accelerated mortgage principal payment.

2. When the time comes and you need the money, simply drop in the bank a couple days ahead of time, and make a request to withdraw funds from the MCA.

What? I Thought You Said Savings, Where Is My Interest??
You're probably wondering, how does this equate to a savings account? I don't even earn any interest!

Except you sort of are! Let's take a look at an example.

Let's assume that you have a mortgage of $300k, are paying an interest rate of 3% on that mortgage, and do so bi-weekly. We know that if you make an accelerated principal payment, that comes directly off your mortgage top line when the bank calculates future interest payments. So if you make a payment of $2000 your mortgage is now $298k.

Your bi-weekly payments before the principal payment would contain roughly $346.15 of interest (300k * 0.03 / 26 is a good estimate). After the principal payment, the interest will only make up $343.85 (298k * 0.03 / 26).

By putting that $2000 in, you've saved $2.30 every 2 weeks, or $59.80 over the year, which is approximately what you'd earn if you had put the $2000 in an interest bearing account earning 3% interest.

Now Go Use It!
I'll leave the number crunching to you, but some straight forward math can lead you to the conclusion that if you put the money towards your mortgage principal when you have it, and take it back out from your MCA when you need it (say for a car or some new appliances), the amount of mortgage interest saved is exactly the same as the interest earned if you had put that money in an interest bearing savings account. It becomes even more attractive when you consider that interest earned from a savings account is subject to taxation at your marginal income tax rate, AND that there aren't even really any options to earn more than 1-2% interest these days, unless you lock in for long periods of time. All these things combined make it attractive for even a rainy day fund to sit inside your MCA.

This is why I believe the MCA is one of the best savings tools available to Canadians, and every person with a mortgage should fully utilize it!
 
2014-01-01
455
100
2016-06-18
谢谢关于MCA的介绍,不过我还是不清楚这个账户怎么用。是可以向这个MCA的账户里面存款吗?比如我现在的MCA显示的数字着是4000块,这表示我可以在没钱的时候支取4000(按照mortgage的利率)还是需要我先向这个账户存入4000块(减少了4000的贷款,这样可以少支付这部分利息,同时又可以在需要的时候再支取?)我都不清楚我的问题是不是表达清楚了,谢谢。
 
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BMO王红雨
2007-09-07
3,591
598
2016-06-18
如果是conventional mortgage, 提前还款,款项会显示在MCA。需要用钱的时候可以取出。

2014年12月之后在BMO做贷款的新移民、非居民、stated income program项下批的conventional mortgage, 无法使用MCA。
 
2010-01-09
941
596
2016-06-18
感谢LZ贴的关于MCA的文章。很有用。

想向LZ确认一下:如果我从这个账上取钱,取出的金额直接加回到房贷里去,(付当前的房贷利息)是吗?

另外想咨询LZ,我有十几万在MCA里。如果取出来作为首付再购房,跟把现有房(还有房贷)做 refinance 有什么区别呢?哪个好呢?
 
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BMO王红雨
2007-09-07
3,591
598
2016-06-19
MAC里的钱随时可以取出。如果做refin,有可能比从MAC里取出的钱多。
 
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BMO王红雨
2007-09-07
3,591
598
2016-06-24
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BMO王红雨
2007-09-07
3,591
598
2016-06-24
投资房已签楼花,楼花里已经要求BUILDER按自住申请TAX REBATE。办理房贷时,银行还能按照投资房申请房贷吗?
很抱歉,刚看到。可以按投资房申请。自己处理好HST即可。
 
2011-11-18
1
0
2016-07-17
问一下红雨老师,本人目前有一套房子,还欠银行40多万钱,手上有40多万现金,年薪10万左右,现在想用手里的现金首付百分之35,再买套100万的房子老婆拿最低工资,请问这种情况,䏻贷到款吗?谢谢
 
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BMO王红雨
2007-09-07
3,591
598
2016-07-21
问一下红雨老师,本人目前有一套房子,还欠银行40多万钱,手上有40多万现金,年薪10万左右,现在想用手里的现金首付百分之35,再买套100万的房子老婆拿最低工资,请问这种情况,䏻贷到款吗?谢谢
可以买90-95万的房子。100万也有可能。需要做个预批,才知道准确的借款金额。
 
2012-07-31
27
0
2016-07-29
求教红雨老师:
老公十年Visitor签证身份,我是公民,计划联名购房。
1)您说过的Visitor 可以首付35%,有变化吗?
2)如果是夫妻(Visitor & 公民)联名申请贷款,是否仍然可以35%首付?
多谢!
 
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BMO王红雨
2007-09-07
3,591
598
2016-07-30
求教红雨老师:
老公十年Visitor签证身份,我是公民,计划联名购房。
1)您说过的Visitor 可以首付35%,有变化吗?
2)如果是夫妻(Visitor & 公民)联名申请贷款,是否仍然可以35%首付?
多谢!
1. 没有变化。
2.可以。房价0-100万,贷款比例65%, 高于100万部分,借款比例40%。 例如,150 的房子,贷款金额是65万+20万=85万
 
2012-07-31
27
0
2016-07-31
1. 没有变化。
2.可以。房价0-100万,贷款比例65%, 高于100万部分,借款比例40%。 例如,150 的房子,贷款金额是65万+20万=85万
多谢红雨老师!
Visitor 首付20%(贷款比例80%)还有吗?老公国内有工作,年薪合加币9万,国内房产130万加币,贷款付清了,有帮助吗?