Sunday 26 August 2012

A cottage of your own!

 
A Cottage of your own…

Did you visit a cottage this summer?  Did you dip your feet off a dock into the refreshing lake?  Smell the fresh, woodsy air?  Watched the sunset from a wrap around porch?

Have you ever thought to yourself, “I would love to have my own cottage? Something to pass on to my children and my children’s children?”

It is easier than you think. 

You could purchase your own cottage with as little as 5% down!!!

We have access to a program called the “Secondary Home Program.”  We use this to help you purchase places such as cottages and single-family residences that are intended for the use of your family members. 

This is an amazing tool if you are looking to purchase your own cottage or a place for your parents, siblings or relatives.

For more information about your new cottage, please email me at Andrew.young@bemortgagewise.ca.

Thank you again for popping by an AWESOME approach to MORTGAGES.

Please feel free to share this with anyone who is looking for help with their mortgage needs!

Thank you for your support.

Thursday 16 August 2012

Renewals 101

 
Renewals 101…

So you are renewing…  Now is the time to start thinking about saving a great rate!  We have the ability to hold a great fixed rate for up to 120 days.

Allow me to make things easy for you.  At renewal, you now have the ability to switch up your term, amortization, lender and rate! This gives you the opportunity to change some things about your mortgage.

So what happens now?  We get to shop, shop around for the best term and rate for you.  We get to do what I do best… Find the best options for you!

So what will you need?

-       Recent Mortgage Statement
-       Renewal Statement
-       Proof of Fire insurance
-       Copy of 2 pieces of ID (front and back)
-       Void check (where you want the payments to come out of)

Most of the time you don’t even need a lawyer.  This saves you time and money.

Plan ahead! Start thinking about your renewal now.

Let’s lock you into a great rate now. If the rate goes down within the 120 days, you get the lower rate. 

Thanks once again for taking the time to read An AWESOME approach to MORTGAGES. 

If you know of anyone that is looking to buy, sell or renew, I would love an opportunity to meet with them.

If you know of anyone that would enjoy my blog, please feel free to share it!

Remember…..

Andrew Young gets it done!

Wednesday 8 August 2012

So you would like an Investment Property....

 
So you want an investment property...

Don’t trust the investment market?  Looking for something more secure? 
Care to grow some equity and perhaps some monthly income as well?

Good call!

Here are some things you need to know;

If you are looking to purchase a multiple unit residential property, there are a couple of options;

  1. If you are going to move into one of the units, all you need is 5% Down Payment as you will be occupying the property. (This applies to properties up to 4 units for most companies)

  1. If you are not going to be occupying the property, you will need 20% Down. (Up to 6 units)

If you are looking to purchase a mixed use commercial / residential building, things get a little bit more difficult.  (Commercial rental space with residential above it for example)

  1. Even if you are looking to move in, you will need at least 25% down for this type of property in most cases (depending on the zoning)

  1. This property is considered commercial, therefore different rates / appraisal costs apply. This type of financing takes a lot longer than residential because there are more calculations to be made and more paperwork to be done.

How do you qualify?

Lenders use the same calculations to approve you, with a couple of considerations.  Here is how we do it;

We take your monthly must pay credit items

Mortgage payment +Property tax +heat / hydro, Credit Cards +LOC + Car Payments, etc.
                                                           
Dived by

Gross Monthly Income + 80% of Rental income (most companies)

*Under the new regulations, your GDS / TDS needs to be below 35 / 44% (for most companies)

Please consider this a brief introduction to rental properties.  If this is something you would like to consider, please contact me and I will be more than happy to meet with you and discuss your options.

Thanks again for visiting!  Please feel free to share with the people you know.

Andrew Young gets it done! 
519.630.5905