Purchasing a home, working hard and fast on some marketable renovations, and then re-selling the property can add up to some tidy profits if done quickly and correctly. If you're interested but don't have the funds to purchase a property outright in cash, read on for what you need to know when financing a flip!
Author: Minn Coates, #YEG Mortgage Consultant with The Mortgage Minds Inc. | VERICO
Ninja of mortgages in YEG & surrounding areas. Assisting First Time Home Buyers to Investors to everyone in between. Contact Minn for MINN-imum Stress & Maximum Service. 780-863-0700 or minn@mortgagesbyminn.com
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Regardless of whether you find this topic fascinating or dull, knowing your options when it comes to Registered Retirement Savings Plan (RRSP) can really be quite helpful!
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So you've finally taken that leap and started your own consulting business, cleaning company, Etsy shop, or other career as a self employed person. Or maybe you've been doing contract work for a while now? You may have jumped both feet in or you may just be starting off part-time. In any case, if buying… Continue reading SELF EMPLOYED & WANTING TO BUY? The 4 Things You NEED To Know
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RUMOURS & PREDICTIONS
So we see things on the news, hear them again on the radio, then (sometimes) learn another version of it all from friends, family, or random blog posts. Here's a summary of what's really going on.
STRESS TEST TIGHTENING AGAIN
By now you must have heard about the mortgage qualifying "Stress Test". The Stress Test was implemented to protect you so that if rates substantially increase during your term, come renewal time, even with the higher rate, you should still be able to afford your mortgage payments. Basically...
PRIME’S MOVED UP AGAIN…
What to expect with the Bank of Canada's 2nd increase of their Overnight Rate this year... This change affects variable interest rate mortgages and any credit facilities that are tied to Prime (such as credit cards, lines of credits, and loans).
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ONTO THE NEW BEFORE MOVING OUT OF THE OLD
So you've found a new home but move in before you receive the sale proceeds from your current home? Not a problem if you don't need to use the sales proceeds for your down payment but what if you do? Read on to see if Bridge Financing is an option for you!
To Buy or To Sell – Which Should You Do FIRST When Moving Up, Down, or Sideways To Your Next Home?
Homeowners who are selling a property at the same time as buying, are often the least serviced customers in the mortgage industry. If you are both buying and selling your home, you are now managing TWO transactions instead of one and should contact a Mortgage Broker to have a thorough discussion of your mortgage plan and goals.
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