The Truth About Mortgages
Mortgages can be tough with down payment options and solutions not being available to all of the banks, which ultimately impact your cash flow. Traditional and non-traditional forms of down payment include equity in existing property, private money, and RRSP mortgages; generally ‘outside the box’ thinking.
The lenders I work with have mechanisms to drive down interest rates. We have the ability to reduce or ‘buy down’ the interest rate, often well below the bank’s best competitive rate.
We have products to maximize the number of properties you can buy. Most banks only allow you a maximum of 4 properties whereas my lenders don’t have restrictions on the amount of properties you can finance, as long as you adhere to certain conditions.
Investors require financial strategies for different situations. I am able to find you suitable financial institutions to accommodate the following strategies and situations: rent to own; second homes; self-employment; stated income financing; cash back; debt coverage ratio financing; purchase plus improvement on rentals; longer rate holds; rental offsets which allow the rental property’s income to boost your purchasing power as high as 80% of the monthly rents; placing the property in a company or holding company name; etc.
If you are serious about building a portfolio, your banker will be able to tell you about all of the options and solutions that their bank can offer. However, I will be able to tell you about all of your options and solutions that all banks, non-bank financial institutions, and private lenders can offer.
Not all mortgages are created equal, just as no two mechanics, contractors, lawyers or accountants are created equal. Each has their unique style, level of experience, and competency.
Most lenders have access to the same institutional lenders, but the factors that separate one lender from another is their experience, diversity of private lenders, and their ability to get you the best rate/ mortgage product solution for your situation. Most importantly, if they are an investor themselves, they will understand your needs, strategies, and long-term objectives.