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  • Rentals | Mortgages | 1.866.257.0158
    the deal work When looking at a residential apartment building the lenders will make sure that the property can carry itself This means that there are enough rents coming in that the property is generating about 120 of the expenses By calculating it this way they know that the owner won t run into trouble carrying the mortgage Read more Mixed Use Rental Properties Mixed use rental properties are properties that have both residential apartments and a component classified for commercial use These types of properties are difficult to get mortgages for because many lenders do not want them in their portfolio of properties It is possible to get a mortgage for these properties with as little as 25 down payment though Read more Multi unit Rental Properties 3 4 and 5 units Multi unit rental properties also known as triplex four plex and five plex s are the more sought after properties by the average real estate investor and want to be real estate investors Many people want to build a portfolio of rental properties and as a result end up doing a lot of research on the topic Research is a good thing however from my experience most want to be landlords focus on the potential profits that you can make as a landlord and completely ignore the potential pitfalls Absolute fortunes have been made through real estate and rental properties but fortunes have also been lost So you need to prepare yourself for the pitfalls before your first purchase Read more Duplex Rentals A duplex is a property that has been separated into two individual units Most of the time a duplex is divided into two units on top of each other i e basement unit and upper unit but they can be two side by side

    Original URL path: http://www.moneytime.ca/mortgages/rental-properties/ (2014-10-22)
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  • Single Family Rentals | Rentals | Mortgages | 1.866.257.0158
    If you are considering purchasing a rental property Call Today 1 866 257 0158 Being a landlord can be very satisfying and bring the most amount of frustration you have ever experienced all at the same time The beautiful thing about owning rental properties is that you are building equity while your tenants are paying the mortgage for you Most people think that owning a rental property is easy and effortless This could not be further form the truth Remember when you rented your home apartment If the furnace stopped working at 2am on the coldest day of the year who did you call What about if your tap broke off and sprayed water all over the kitchen and flooded the house while you were away for the weekend Who did you call Now don t let this scare you aware from the wonderful opportunity of owning rental properties because these events are usually far and few between As an owner of rental properties though you need to think about these things and know how you are going to handle them For example are you going to allow your tenants to deal with the issue and then you reimburse them or are you going to have a certain call list for them to call with approved tradespeople There is a lot to think about when you own rental properties Single family rental properties There are different types of rental properties Single Family Rental Properties simply means that the house condo apartement are built and equipped for you one family to live in them The property types might include houses including detached semi detached and townhomes as well as apartment condos The type of house is less important than the fact that there is one tenant for the property Renting by the room Lenders do not like to see renting by the room For example let s say 3 people want to rent a room in a townhouse you own You will need to rent the whole house to all three of them or have one person as the dedicated tenant and then the roommates can pay the tenant and then tenant can pay the rent Renting a basement that is not setup as a self contained unit is looked at by the lenders as if you are renting a room Down payment required for single family rental properties Most lenders require that a purchaser has 20 down payment plus closing costs in order to qualify for the mortgage to purchase the rental home We have a program that allows for a minimum of 12 down payment plus closing costs When possible the more you can put down the better off you are However if you would like to get that rental property that you ve been dreaming about and you have 12 plus closing costs then I can help get you that property What qualifies as rental income When you buy a single family rental property you can use the

    Original URL path: http://www.moneytime.ca/mortgages/rental-properties/single-family-rentals (2014-10-22)
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  • Duplex Rentals | Rentals | Mortgages | 1.866.257.0158
    the mortgage depending on the purpose of the of the property Owner occupied duplex rental property There really isn t a lot of difference when purchasing a duplex as an owner occupied rental property over one that will be used solely as a rental property The only real difference is the amount of money that you have to put as a down payment With an owner occupied duplex rental the minimum down payment is 5 from the purchaser s own resources non borrowed sources e g unsecured line of credit Actually there are ways to purchase this type of property with no money down too Call today for more information 1 866 257 0158 Duplex rental property non owner occupied As mentioned above there really isn t a lot of difference between the two purchases owner occupied vs non owner occupied When purchasing a duplex rental that will be used solely as a rental property meaning the owner will NOT be occupying one of the units the minimum down payment is 20 There are ways of getting this down to a minimum of 12 down under exception call to find out if you qualify Qualifying Income As with any rental property under 4 units the borrowers purchasers are allowed to use the rental income from the units that are rented to help qualify for the purchase Now when using rental income it is limited You are only allowed to use up to 50 of the rental income to qualify for the mortgage The qualifications work the same as any mortgage First the bank will look to see if your income including 50 of the rental income will be sufficient to carry the loan The second thing they will do is look at your credit to see if you have a

    Original URL path: http://www.moneytime.ca/mortgages/rental-properties/duplex-rentals (2014-10-22)
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  • Multi-unit Rental Properties (3, 4 and 5 units) | Rentals | Mortgages | 1.866.257.0158
    topic Research is a good thing however from my experience most want to be landlords focus on the potential profits that you can make as a landlord and completely ignore the potential pitfalls Absolute fortunes have been made through real estate and rental properties but fortunes have also been lost So you need to prepare yourself for the pitfalls before your first purchase Over the years I have spoken to many clients regarding the purchase of a triplex four plex or five plex One common thing that I have found is that landlords that have never owned a rental property before have an unrealistic idea of what is attainable For example one common mis conception about multi unit rental properties is that you can aquire one property per year for the first ten years and then manage all the properties after that using only the equity to buy more properties It seems that the biggest contributing factor to this concept seems to be coming from seminars designed for real estate investors Seminars are meant to sell you I have notices over the years that most people that are looking into buying multi unit rental properties commonly frequent these real estate investor seminars There is a lot of information that can be gathered at these seminars but you have to ultimately remember that those seminars are designed to sell you on the opportunities in the real estate world and there are a lot of opportunities Don t get caught up in the hype If it was as easy as they make it sound everyone would be a landlord The reality of one property per year Unless you are fortunate and you re sitting on a large pile of cash or you have access to a lot of equity in a property

    Original URL path: http://www.moneytime.ca/mortgages/rental-properties/multi-unit-rentals (2014-10-22)
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  • Mixed Use Rental Properties | Rentals | Mortgages | 1.866.257.0158
    properties that have both residential apartments and a component classified for commercial use These types of properties are difficult to get mortgages for because many lenders do not want them in their portfolio of properties It is possible to get a mortgage for these properties with as little as 25 down payment though Lenders when underwriting a mortgage application look at one thing If the borrower doesn t pay can we sell the property in a timely manner and get our investment back When you step back and take a look at it from their perspective it really does make a lot of sense With mixed use properties the risks increase for the lenders Let s say for example that the lender had to foreclose during a recession During a recession there are less people that are looking to rent business space and more people looking to rent residential space Therefore it is tougher for them to recover their initial investment That s not to say that this is always the case but that is why most main stream lenders are not interested in mortgaging a mixed use rental property Let me reiterate that MOST main stream lenders aren t interested in these types of properties but there are some So don t get all worried give me a call and we can discuss your particular scenario That said we may have to go to an alternative lender and that s not the end of the world Alternate lender higher risk means slightly higher rate Many times clients come to me and talk to me about a mixed use rental property that they want to buy and how amazing the deal is Then they hear that for this type of property they would have to deal with an alternative lender and the rate will be slightly higher than fully discounted residential rates and all of a sudden they are thinking of walking away from the deal Don t look at it like a home owner A good deal is a good deal If you have an opportunity to buy a mix use rental property and there really is a great potential for profits then that won t change based on the lender that needs to be used A home owner looks at a rate and says I want the lowest rate because if I save 1 on my mortgage that is money in my pocket When you are looking at mixed use rental properties this is not the case This is because every 1 spend might only be 0 65 out of your pocket or something like that Remember that your interest is a tax deduction which means you have more money in your pocket at tax This is obviously over simplified but the point is don t look at your purchase as a home owner A mixed use rental property is a business venture and as with any business venture you should be looking at the bottom line not

    Original URL path: http://www.moneytime.ca/mortgages/rental-properties/mixed-use-rentals (2014-10-22)
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  • Multi-unit Residential Rentals (5+ units) | Rentals | Mortgages | 1.866.257.0158
    and often require much more of a down payment to make the deal work When looking at a residential apartment building the lenders will make sure that the property can carry itself This means that there are enough rents coming in that the property is generating about 120 of the expenses By calculating it this way they know that the owner won t run into trouble carrying the mortgage Exactly how much down is required This is a tough question to answer When you get into commercial mortgages there are no set guidelines like there are in regular residential single family homes For example depending on how many units there are where the property is located what the apartment building is comprised of 1 2 and 3 bedroom units will all play a factor in how the bank wants to price the deal and how much they will want down Mortgages for residential apartment buildings are first underwritten and then the guidelines are told There are some basic rules of thumb but really they are so basic that they don t apply 15 Down really means more If you buy a multi unit residential apartment building and decide to go through CMHC 15 down payment minimum you will find that in most cases you will have to put down more than 15 Once you get into apartment buildings the way the evaluate the property is much different The different types of appraisals are beyond the scope of this article but suffice it to say odds are you will have to put down more Let s say that you are looking for at an apartment building for 1 2M That building generates an income which will be used to determine the price then the expenses are calculated to figure out a

    Original URL path: http://www.moneytime.ca/mortgages/rental-properties/multi-unit-residential-rentals-5-units-or-more (2014-10-22)
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  • Jim Thornton's Blog (Mortgage Broker in Brantford) | 1.866.257.0158
    a decade one thing that I am always trying to do is get my clients to understand that the bank is a profit machine The banker is an employee of the bank and therefore told to make money for the bank As employees of the bank they are held to a different in my opinion lower standard than mortgage brokers Read more The benefits of cash back mortgages In 2008 the governement of Canada decided that CMHC Genworth and Canada Guaranty could no longer insure mortgages with no money down 100 financing They did not change the rules at that time regarding cash back mortgages and those programs still exist today Cash back mortgages are a fantasic way for anyone to buy a home Here s how it works Read more The ultimate advantages of working with a mortgage broker in Canada In Ontario and throughout Canada working with a mortgage brokerage rather than dealing with a bank has many advantages One of Canada s largest and fastest growing mortgage brokerages is RMA We have grown our brokerage by providing a wider and more attractive range of mortgage products superior convenience and expert advice As a mortgage broker in Canada we can help you secure the best home loan available Most importantly because your broker serves as your advocate your interests will be protected Read more The top 10 secrets that banks don t want you to know Though many people have been trained throughout time to trust their banks and their bankers you should know that there are many things banks just don t want you to know It s in their best interests to keep you in the dark because that will ultimately allow them to make more money off of your transactions What are these secrets Here

    Original URL path: http://www.moneytime.ca/blog/ (2014-10-22)
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  • About | 1.866.257.0158
    one of Canada s largest and fastest growing mortgage broker networks Real Mortgage Associates works with multiple Canadian mortgage lenders banks and insurance companies Head Office 578 Upper James Street Hamilton ON L9C 2Y6 Click here to Apply Online Get approved in as fast as 24 hours X About Us Jim Thornton RMA Call Today 1 866 257 0158 Buying Pre Approvals First Time Buyers Repeat Buyers Purchase Plus Improvements Self Employed Buyers No Money Down Gifted Down Payment Jumbo Mortgages Million Plus Refinancing Debt Consolidation Equity Take Out Lower Rate Lower Payment Renewals Rentals Single Family Homes Duplex 2 units Multi unit 3 4 or 5 units Mixed use Multi unit Residential Rentals 5 units Blog About What is Moneytime ca About Jim Thornton What is Moneytime ca Some of the things we do Pre Approvals Purchase a Home Renewals Home Equity Line of Credit Home Equity Loan Second Mortgage Refinance Self Employed Cash Back Mortgages Debt Consolidation No Down Payment Impaired or Bad Credit Moneytime ca is the best Canadian website which connects you to some of Canada s largest mortgage lenders including banks trust companies insurance companies and mortgage companies As a member of the RMA network

    Original URL path: http://www.moneytime.ca/about/ (2014-10-22)
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