FINDING THE RIGHT SOLUTION FOR YOUR SPECIFIC NEEDS…
Not all mortgage are created equal; and some are more specific and unique than others. I have options for the more creative and colorful mortgage products as well to fit your every mortgage need.
BUSINESS FOR SELF MORTGAGES
Real Estate Investments are a great way to generate income – getting financing for this type of property purchase can be stressful – especially if this is your a beginner. You want to make sure that the people you have working for you, know how to navigate these sometimes choppy waters. I can help make sure you get a great rate & a Real Estate agent can make sure that your investment property is a good one. This is specialty type mortgage financing, and make sure what you want to buy is following along what you want for investment purposes. The Mortgage Process for Investment Properties The approval process for this is type of mortgage is a bit different than the traditional mortgage and must follow a unique set of requirements. Firstly Credit is a large factor and you will need to be excellent. If you are not going to be residing in the property (rental property) you are going to have to put 20% down payment based on the purchase price. With the mortgage loan being at 80% loan to value there maybe no CMHC premium added, however there are some lenders that will still add on a small premium if the down payment is not as large as they would like to see. For example; if you had 25% down some lenders will take on the premium themselves, but at 20% they would not. Also if you were purchasing a property and were going to live there and also rent out a legal suite, then you maybe able to approved for a lower down payment on your mortgage. In all cases for investment mortgages it is always better to speak to a professional. I am always here to help.
Can not find your dream home in the Market, well it may mean building it from the ground up. Literally. There are so many wonderful options for this as well, meeting a variety of builder needs. Builder Completion Mortgage, Builder Draw Mortgage, Self Builds, Purchase Plus Improvements….
CASH BACK MORTGAGES
Did you know you can buy your house and get some or all of your down payment back? Buying a house or even renovating can be expensive; creating potential issues with money shortages, if unforeseen expenses arise. Or maybe you need monies for Closing Costs, Blinds or a Family Vacation…this product maybe right for you.
A second mortgage can help ease financial stress, whether that is from sending your kid to University or that addition you have been dying to add. Rates for 2nd mortgages have gotten quite good and I can help you determine if a 2nd mortgage is your best option or maybe you require a HELOC. Depending on your needs and qualification I would be happy to help you achieve your dreams. Applying is simple with a secure online application form or if you are tight on time fill out the quick apply now form and I will contact you ASAP.
A private mortgage is an alternative loan source for when the bank and other lenders says no. If you are unable to qualify for a mortgage loan, or need access to your money sooner than the traditional wait period of two or three weeks, a private lender can help meet your needs. Keep in mind, a private lender will not lend above 75% of the appraised value of the property in most cases, and sometimes in the instance of a condo the loan to value is 65% or less. Normally, private mortgages are secured by larger, well established, companies that lend money as a way of doing business. The people who run these companies have expertise in quickly determining credit worthiness, which can help you get approved sooner. There are fees involved in Private Mortgage Financing anywhere from 1-5% and sometimes higher depending on what is required – so your costs to close can be quite a bit higher. These fees, not unlike CMHC have to do with the lender and the brokerage. These fees are deducted at funding and are known well in advance. I have done a lot of private mortgages since I have started being a Mortgage Agent, and it is actually where I first started. Having access to a lot of different contacts I can service almost any private mortgage need. Most private lenders offer first and second mortgage. The rates on first mortgages can start as low as 4.99% and go as high as 12% depending on the risk involved including your personal credit history. Second mortgages are considered higher risk and therefore will normally start at 10% interest, going as high as 22% (depending again on risk).
SECOND HOME / VACATION PROPERTIES
Buying a second home, or vacation home/property can be a great investment or life choice. However the financing for these types of properties can be tricky. It has become even more so with CMHC no longer approving those types of properties. Second homes could be considered Vacation Properties, or even a home you are purchasing for your parent or child to live in rent free. These can be done sometimes with as little as 5% down, as unlike a rental property at 20% down, there is no income being derived from the property.
PURCHASE PLUS IMPROVEMENTS MORTGAGES
This type of mortgage allows you to purchase your home and once you have taken possession do the renovations you are looking for with as little as 5% down of the total price. The only thing here is that the “improvements” need to be approved by the lender and the mortgage insurer, so you will have to have your contractor costs or potential receipts up front. You will want to have these things anyhow if you are trying to budget for your new home purchase and potential renovations. I can help make this easy! Check out the video in the sidebar for more information!