GA Mortgage

http://www.kw.com NOVEMBER Hello and welcome to This Month in Real Estate. I’m JAY PAPASAN.

Our top story: what kinds of homes are first time homebuyers looking for? We’ll have the answer in a moment.

But first, the numbers.
[NUMBERS]

And now, our top story. According to a recent report from KW research …

• Over half of all first time home buyers stayed in the same area where they were renting
• More than three quarters of all first time home buyers purchased a single family detached home
• Most first time home buyers purchased a three bedroom and two bath home

For tips on buying right the first time, we turn to News You Can Use …

NEWS YOU CAN USE

When it comes to the decision between buying or renting, some renters think they simply can’t afford a mortgage. The reality is if you’re renting, you are already paying a mortgage — it just happens to be your landlord’s, not your own.

Here are three secrets of homeownership that your landlord doesn’t want you to know …

Number 1: Equity. You can build wealth through equity. Think of equity as a long-term savings account. Every month you pay your mortgage, a portion of that mortgage goes into that account.

Number 2: Appreciation. You can build even more equity though appreciation. Think of appreciation as the interest your home earns over time.

Number 3: Control. A home that’s yours means you won’t need your landlord’s permission to paint, renovate and make it a home of your own.

If you’re ready to stop paying your landlord’s mortgage and start building your own wealth, talk to your real estate professional.
MAIN

That’s all for This Month in Real Estate. Thank you for joining us.

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We’ll update you with another video once we have the full guidelines, but for now it looks good and everyone should be ready so we can refinance as soon as we know.

Ryan Hoffman
Loan officer
Wholesale Capital Corp
951-488-3114
RHoffman@wccloans.com

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http://www.directoryequity.com/Commercial-Lender/ DirectoryEquity.com contains links to mortgage directory, mortgage lender association, foreclosure mortgage, mortgage lead, wholesale mortgage, tax, services, equity mortgage, home equity line of credit, debt consolidation

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http://www.directoryequity.com/Refinance/ DirectoryEquity.com contains links to mortgage directory, mortgage lender association, foreclosure mortgage, mortgage lead, wholesale mortgage, tax, services, equity mortgage, home equity line of credit, debt consolidation

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VISIT FOR MORE http://the-home-mortgage.blogspot.com

Tips Home Mortgage, Home Mortgage, Home Mortgage Benefits,The Best Home Loan, Refinance Home Mortgage, Refinance Second Mortgage, Home Equity Loan, The Best Home Mortgage , Mortgage Rate, Bad Credit Loan

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http://www.directoryequity.com/Cash-Advance/ DirectoryEquity.com contains links to mortgage directory, mortgage lender association, foreclosure mortgage, mortgage lead, wholesale mortgage, tax, services, equity mortgage, home equity line of credit, debt consolidation

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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.directoryequity.com/Real-Estate-Notes/ DirectoryEquity.com contains links to mortgage directory, mortgage lender association, foreclosure mortgage, mortgage lead, wholesale mortgage, tax, services, equity mortgage, home equity line of credit, debt consolidation

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Deuxième hypothèque prêt privé

2eHypotheque.com is a company that specializes in second mortgage loans in the Montreal metropolitan area. Florian Jolicoeur, President and founder of 2eHypotheque.com, has over 40 years experience in real estate.

Here’s an example that will help you understand how to calculate the maximum amount we can lend you.

Take this example:

Your house has a market value of $ 150,000
The amount of your first mortgage is $ 50,000
We pay a maximum of 70% of the value of the home minus the amount of the first mortgage. So for our example we shall do the following calculation:
(70% of $150,000) – $50,000 = $55,000

Consolidate your debts … Breathe easy

514-316-8907
Vaudreuil-Dorion J7V 9L5

http://www.2ehypotheque.com

http://www.reseau411.ca/en/2ehypothequepret

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Looking for a great mortgage rate? At Century West Mortgage, located in Utah, you will find a line of loan products including FHA, First Time Home Buyer programs,
little money down, Hard money loans, 1st mortgages and Home Equity Lines of Credit (HELOCS).

Contact them today to get the loan you want!

Visit us http://www.yellowpages.com/info-464563106/Century-West-Mortgage?from=youtb

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