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Posts Tagged ‘Vancouver’

http://www.notapennydown.com Zero Down mortgage, Garth Turner & the Government of Canada with Vancouver mortgage broker Mark Fidgett. The federal government has cracked down on the mortgage industry with new rules that will make it more difficult for consumers to borrow. Here’s why I think it’s flawed.

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Welcome home to the sought after Lincoln neighborhood in a one level perfect. 3 bedroom 2 bath ranch, Remodeled and updated this is no longer a diamond in the rough but a neighborhood treasure. Country Kitchen remodel with room to entertain, Updated bathrooms, Master Suite, Huge fenced yard with garden area. Freshly painted, brand new windows, all in sought after neighborhood

Bedrooms: 3
Bathrooms: 2
Price: $189,900

For more information about this property, please contact Terry Eccles-Pettet at 360-921-9360 or ImagineHomesToday@comcast.net .

Company website http://www.directorsmortgage.com
MLS ID: 11333040

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http://MortgageInVancouver.com
The biggest barrier to entry for most anxious first time home buyers is the down payment. Coming up with a chunk of cash all at once that you are comfortable saying good bye to for a while.

What many do not know or have a misconception of is that there are other ways to get a down payment other than your savings or chequings account.

So what are they? What other possible sources can you use to get your down payment?

Lets start from the top and I will list them in the order that banks favor the most to least as where the funds come from and how much your down payment is has a huge effect on what your are worth to a mortgage lender and whether they will even qualify you for a mortgage loan.

1. Top of the list, of course is your savings. If you have the discipline to save your money and keep it in plain sight without spending it then the banks will really like you and want to trust you with their money. This is obviously the most favorable situation. One thing to note however is that the money you are using must be in your bank account for at least 90 days. The reason for this is to make sure it isn’t money laundering or that it isn’t untaxed cash, etc. If the money has been in your account for less than 90 days then they will want documentation of some kind proving where you got the money.

2. Ann RRSP account is the next best thing to your actual savings account as it is simply a different a variation of it. You have been disciplined enough to put away money each year and now you are using it to buy a home. Banks will like this.

Some things to note however; if you are not a first time home buyer then you will get taxed on this money. Depending on what tax bracket you are in will determine if this is a good idea for you. If you are a first time home buyer then you can use up to $25,000 towards your down payment TAX FREE.

3. Pulling Equity from Another Home is also looked upon nicely because it too is another variation of saving. However, to pull out equity you must refinance that property which means you need to be able to qualify for both mortgages. This is usually not a problem. It just depends on your assets, income and current employment situation.

I can help you with both transactions of refinancing and the purchase to help this process move smoother for you and to structure it so that you are using your equity in the best way possible for your situation.

4. Gifted Down Payment. There is a lot of confusion on what exactly is a gifted down payment so I am making a video blog specifically targeted to this topic (so don’t forget to subscribe to this channel) but basically this is not where you can get money from your friend to use as a down payment. You must get it from a direct family member. DIRECT, not cousins, aunts, etc. It must be your Mother, Father, Brother, Sister, or Child. If you grew up with your aunt and uncle or some different circumstance like that then there can be some exceptions made. I will just have to approach the lender with your story.

Proper Gifted paperwork must also be filled out to use this method of down payment and I can provide this for you when the time comes. All it really needs is a signature from the Gifter saying that they are giving this money to you with no strings attached and that you will never have to pay it back.

5. The final method of obtaining a down payment is by putting it on your credit cards or lines of credit. This is solely going to depend on how much credit you have and whether you will qualify for the mortgage with this additional debt attached to you.

An example of this is if you only have a $20k credit card and you will be maxing this debt out to get your down payment then the banks will be nervous to give you money. If however, you have a $50k line of credit and pulling out $20k will be nothing near dangerous for you then this wont be so bad.

The bank does not want you to struggle for your payments. They want to make sure that your mortgage is going to get paid back and if you are tapped out financially then the chances of you defaulting on the loan becomes greater.

So hopefully this gives you a good overview of down payments; where you can get it from and how the mortgage lenders view them.

If you have any questions just give me a call, 604.313.9996 or email coss.L@mortgagecentre.com. You can also go to my website to apply online at http://leahcoss.ca or read more of my blogs at http://MortgagesInVancouver.com

Leah Coss

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http://www.notapennydown.com mortgage tips in Vancouver.

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There are various advantages to using a mortgage broker. I am not tied to just one lender, I have my choice with numerous lenders. This allows me to research and find that perfect product for you. My services are free on a typical residential mortgage product, I am able to negotiate a superior rate for you and I will work alongside you for the life of that mortgage.

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http://leahcoss.ca
Many people get very hung up on retaining or using their first time home buyer status. When I ask them why, they are often unsure of what the savings exactly are and if they even qualify based on the home they are buying.

Really, when it comes down to it, there are just 2 main benefits to being a first time home buyer and it really depends on you and where you are buying to see if this will effect you at all.

1. As a First time Home Buyer you are allowed to pull out up to $25,000 of RRSPs Tax Free. If you pull out any more than $25,000 then you will be taxed on that money but for the most part $25,000 will be a big help.

Now, if you do not have any RRSPs then obviously this is not much of a benefit for you. If you plan to save up RRSPs in the future but will be buying a house in the meantime then unfortunately you will not be able to take advantage of this benefit. Once you buy a home that you are on title to you lose your first time home buyer status.

2. You are able to save on your property transfer tax when you buy your first home up to a purchase price of $425,000. (with a sliding scale up to $450,000 but that is a long complicated story). So what does this mean?

Well, if you buy a home for $400,000 you will save the $6,000 property transfer tax. If, however, you live in an expensive area like Vancouver and are looking to buy a 2 bedroom condo or any kind of a detached home then chances are you can’t find ANYTHING for under $425,000 and this benefit does not help you.

If you buy a place for $480,000 you save NOTHING. Not even a percentage that factors in the $425,000 to save you even a little.

So how is this amount calculated? You are charged 1% on the first $200,000 of the purchase price and 2% on the remaining balance. So for a home that is $500,000 you will have to pay $8,000 and whether you are a first time home buyer or not you will have to pay this whole amount.

So there you have it. The benefits of being a first time home buyer. These really are great benefits but only if you have a use for them.

If you have any questions about this then please leave comments below or contact me at Coss.L@mortgagecentre.com.

Thanks so much and I hope to talk with you soon

http://MortgagesInVancouver.com

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I want to talk to you about private lending. There’s a lot of confusion as to where it is. People will often say to me, “I tried to get five percent down with my bank, but I couldn’t document my income . So I was wondering if you have any private lenders.” And the answer is, with five percent down, “No.”

Private lending is restricted, generally, on the strength of the property and the size of your down payment. Now, sure, credit and income play a role; they want to make sure you know how to pay your bills and they want to make sure you have income. But they may not seek to verify it in exactly the same fashion that the banks will.

Many times, they won’t look at it at all. They’ll assume that if you’re stoking down 30 percent or 40 percent of the property’s value and if you have payments of $1,500 a month, that you would be a fool to do so if you didn’t have a means of making those payments, that’s equity lending.

And equity lending is really based on the quality of security, it’s proximity to major arterial routes, to urban centers, to schools, et cetera, et cetera, et cetera, predominately focused on resale value. So, if you’re buying a unique property up in the Coot Knees, and you’re trying to get 95 percent financing. If the banks won’t do it, FC and HC won’t do it, you’re not going to get it from a private lender outside of the bank of mom and dad.

Now, in cases where private lending is required, someone with poor credit, maybe their credit is below what the bank’s threshold is. And, maybe they have a large down payment. A classic example of this is someone who’s gone through a bankruptcy, who owns a business and maybe still makes very good money but, due to one reason or another, was forced to declare bankruptcy and they’ve got 30 percent down. And they’re trying to buy a place and they’re being told everywhere, “No way, we can’t due to credit.”

That’s a perfect candidate for private lending and usually they can get some reasonable rates in those circumstances assuming the property is, again, solid and secure because that’s kind of the backbone of private lending.

Another thing, is if the property doesn’t conform to standard uses. For example, a former grow op or former meth lab, or land-only on service lots, and that kind of thing. These are places where banks don’t really like to lend, at least not at the four percent range or five percent range, but that’s still good business and those properties still have value. So, if you’re a borrower looking to get some sort of land loan or a former grow op financing so you can fix it and sell it for a large profit, those are definitely the ones that we can help you.

Lastly, people that just can’t document their income. Maybe they’ve got fantastic credit. They run a small business and they make good money each year, but due to write-offs and tax-efficient accounting, they’re not able to prove their income. And if the banks don’t believe how much income they’re earning, but they have a sizable down payment, again, we might have to go to private lenders. Not always. We often have equity programs at banks and whatnot, if they have enough of a down payment.

But sometimes, there’s that gap between what the banks will do on an equity basis and between what they will do on a stated income or full income basis. And, in that gap, is where private lenders tend to make their money.

Lastly, weird situations. So, banks will often demand independent legal advice for a spouse buying a home without the other spouse on title or maybe you’re trying to do an equity takeout for investment purposes in another property. The numbers don’t quite jive because the banks don’t give you credit for your rental income the way that they used to. These are all perfect examples of places where private lending is required.

A common one is also construction or buy, fix and flip. These are places where you can use a private lender who’s not going to ask you a billion and one questions like the banks are going to ask you. I can make the process a lot easier.

Now, in exchange for all of this freedom, in exchange for all these abilities, you’re going to pay a higher rate. So, if the banks are charging four percent, you’re probably on a first mortgage looking anywhere from 6-1/2 to 12, depending on the risk that you pose as a borrower and that the property poses as security to the lender.

Now, there’s also second mortgages, third and so on and so forth, maybe you don’t want to break your first mortgage because you’ve got a fantastic rate on it, but you need 20 grand to consolidate some credit card debt and get the creditors off your back. These are all ideal things for private lending.

If you have a situation that doesn’t fit the bank, but you’ve got some equity and, generally, you need about 20 percent equity in the property, or 20 percent down for private lending to be considered effective, then please give me a call.

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http://www.roninmortgage.com

We specialize in Vancouver best rate home equity loan, low rates refinancing, first time buyers home loans as well as repeat buyers home loans, debt consolidation, low rate mortgage loans, foreclosures, secured lines of credit and do self employed mortgages in Vancouver.

Bad Credit, no job, no income; have equity in your property? We offer private second mortgages

Why Ronin Mortgage?
Our service is free, We shop the banks for the best rates, We work for you not the bank!

We also offer you Free appraisal (Your full property appraisal paid for a $300 value)

Call us for a free no obligation quote 604-908-8861

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http://LeahCoss.ca
Hi everyone, how are you? It’s Leah Coss with the Mortgage Center. And I wanted to help out those of you who have either made the wrong decision, or are still asking what is the right decision when it comes to buying a home first or a car first. Now let me lay out a bit of a scenario that you probably come across. Have you ever driven down the highway and gone past different car dealerships who have got big yellow or big red signs out that say, “Bad credit? No problem” or “Can’t get funding at the bank? We’ll finance you.” Probably seen a lot of those right? They are in every car dealership log. Well, think of it this way. Do you ever see a bank that says, “Bad credit? No problem. We’ll still give you a mortgage”.
Not a chance. You have bad credit. If you don’t have enough down payment, if you don’t make enough income, if you have too much debt, you will not get a mortgage but chances are you will always be able to get a car mainly because they are using the car as a 100% collateral. They don’t care about your income or debt servicing.
Often times, they don’t even ask you hardly any of those questions. Not even a fraction of those questions a bank ask you when you apply to get a mortgage. Now that being said, many of you make the wrong choice or what seems like the right choice at the time to get a car first because you go well, I can’t get a house now. I can’t get a mortgage but I can get a car so at least I can drive around something nice.
The problem is you just set yourself five years back from getting a home because chances are you are getting a five year financing plan or three year financing plan. Until that payment is paid out of the car, many of you cannot do what is called debt servicing. Debt servicing is where you make X amount of dollars to a bank.
You are only allowed to use 42 to 44% of those dollars to pay for mandatory debts. Mandatory debts are credit cards, lines of credit, mortgages, car payments, alimony and child support. Anything if you do not pay it, there are severe consequences. So with that being said, if you are going to want to buy a home but you cannot get it now, don’t buy a car.
Because if you buy a car, you set yourself back. OK? Get the house first. Now for those of you who already made that decision and now you have this four to five to six even seven hundred dollar a month payments. Think of it this way, that five or six or seven hundred dollar is part of a mortgage payment that you now can’t be making.
The bank won’t allow you to. They’ll go this five hundred dollars or six hundred dollar is allocated to your car so now can’t allocate it to your mortgage payment. That is how debt servicing works. If you want to know more about debt servicing, look at my other videos on the categories being there. There is something on there that will tell you more about debt servicing.
It needs calculation are but essentially if you’ve already bought the car, then you either need to sell the car or alternatively we can get you into a lease or rent to own program which simply gives you time to pay off your car payment while already living in the home that you want to own. So if you have any questions about this, or you want to know what is the best choice for you, or you have already made that decision and now you can’t get the home of your dreams, give me a call.
I can, at the very least, give you some options or game plan to get you on the way to owning the home that you want to ultimately live in. So Leah Coss with the Mortgage Center. My contact info is somewhere on the screen for you. And hopefully I will be talking to you soon.

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http://LeahCoss.ca
Hi everyone, how are you? It’s Leah Coss with the Mortgage Center. And I just wanted to do a quick description to help you differentiate what is a commercial deal and what is a residential deal when it comes to buying property or land.
Essentially, the first thing that’s the easiest way to differentiate it is, how is it zoned? Is it zoned commercial? There’s some places in Vancouver where you’ve got residential up above and then a commercial corner store or hair salon, [laughter] cash mart or whatever downstairs. So, you’re buying essentially a commercial and residential property. But because it is on zoned commercial land, it is a commercial deal. Even if you’re just buying the place up top.
OK. So, that’s important to know. Check the zoning. Doesn’t matter if you’re living in it. Oh, another problem is different old commercial buildings down town. So, they used to be commercial warehouses that have now been converted into lofts. It’s still zoned commercial. And these are huge headaches for people in Vancouver right now, wanting to buy them. They’re zoned commercial, we gotta do commercial lending on it. So, sometimes there’s some Grey area there, but it can make things complicated. So, it’s something to be aware of when you are looking for a home.
The other way to differentiate is, how many suites is it? So, for example, if you’re buying a full strata complex, which is a duplex, or a four plex, those are residential. Now, what about if you are buying one of those old mansions that have been converted into a six suite property? Well, now it’s all of a sudden gone from residential to commercial. Once you go over four suites, it’s a commercial deal, not a residential one. So, that’s also something to be aware of.
I’ve been speaking to some people who are wanting to buy multifamily homes, and they’ve said, Well, you know, what threshold is best for us to stay within? And I always tell them, under four suites. Because, if it’s under four suites, you still get the benefits and ease of a residential deal. If it’s more than four suites, now you’re dealing with commercial lending. And there’s definitely more hoops to jump through, more equity and skin that you have to put into the property. You can’t just do a five percent down.
So, those are some things to keep in mind if you’re looking at investment properties or if you’re looking for a home for yourself. Those are some hiccups that can come up along the way when it comes to commercial versus residential.
So, if you have any questions about commercial or residential or anything to do with your mortgage needs, give me a call. Leah Coss with the Mortgage Center helping you to understand your mortgage.

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Technorati Tags: apartment, buying an old warehouse, commercial lender, commercial lending banks, commercial mortgage, commercial mortgage lender, commercial vs residential, Duplex, four plex, independent mortgage broker, leah coss, mortgage broker, multi family home, residential mortgage, strata unit, suites, Vancouver