This segment is part of a larger Virtual Live Event that we held in February 2021

The Gist:

There are plenty of options available right now in the Real Estate Market.

A lot of conversations that Jeremy is having with buyers is focused around pre-approvals so they are able to shop with confidence. It’s best to have everything lined up ahead of time so there are no surprises when it comes to getting financing approved on your conditional offer.

When you sit down with Jeremy, he wants to get to know you and what your future plans are, so that he can figure out if there is a program or option most applicable to your specific situation.

  • If you’re planning on having children in the next few years, the best option is to get set up with a mortgage that is either portable or has a short term.

  • If you’re looking to invest, maybe a purchase + improvements mortgage would be the best option for you.

    • This allows you to take out a mortgage on the home, and also finance a certain amount of that property (usually up to $40,000), and use that money to create a basement suite. This will usually cost you around $160/month, and then your broker can run a “Market Rent Analysis” to determine how much you could rent that unit out for.

    • Eg., If you could rent it out for around $1200/month and subtract the $160 from the loan, you’re still coming home with over $1000 in extra income. They can then take 50% of that extra income, put it back into your income, and increase your purchasing power.

  • You may be worried about going to talk to a Mortgage Broker, but the team at Quickfire Mortgage Solutions really believes that their job is 99% educating and 1% funding. The majority of brokers have access to the same lenders and institutions, so the true value of your broker comes from the quality of education regarding what you’re getting into.

One of the biggest takeaways is to get started with your Mortgage Broker as soon as the idea of real estate pops into your head. It’s best to be ready to shop confidently and have everything lined up, rather than get yourself into a purchase agreement and then see if you can be approved for it.

  • You are able to have a rate-hold for 120 days (4 months), but you can get started on the process as early as a year in advance. This way, if you run into any problems with your approval, you and your broker are able to come up with a plan to overcome it as a team.

 

Ready to Get Started? 🏡

 

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