When you buy an investment property, the biggest thing you need to know is that the down payment requirement is 20% at a minimum. So you must have a 20% down payment to buy a rental property, but the really cool thing about buying an investment property that most people don't fully understand is that we get to use rental income to help you offset the cost of that property. What that means is it is actually much more, much easier for you to qualify for a rental property than most people believe.

Today we're going to talk about the costs that you need to be aware of if you are buying a new home. The biggest costs that you need to be aware of when purchasing a property are the down payment, property transfer tax and appraisal cost, a home inspection and legal fees to buy a property. The biggest cost is going to be your down payment that everybody pretty much knows about. The other cost may be a surprise.

Today we're going to talk about some exciting new rule changes that have just been announced. Effective December 15th, 2024, the government has now authorized a 30 year amortization for people who have less than 20% as a down payment. The current maximum amortization is 25 years, so it's changing to 30 years. There are some stipulations to who qualifies for this new rule.

Today we're going to talk about how to pay your mortgage off faster. The number one trick to paying your mortgage off faster is paying by accelerated biweekly payments. This simple trick will pay your mortgage off three years faster over your total amortization. Lenders also allow you to use other prepayment privileges with your mortgage loan. Let's see how else we can pay your mortgage off faster.

Most people assume that only first time homebuyers can buy a property with as little as 5% down, and that is not the case. Anyone can buy a property with a down payment as little as 5%. Today we're going to talk about the minimum down payment required to purchase a property.

Today we're going to talk about some really exciting new rule changes. Effective December 15th, 2024, the government has increased the maximum purchase price that you can buy. If you're using less than a 20% down payment. This is huge!

Today we're going to talk about refinances. A refinance mortgage is a new mortgage for you to be able to access equity from your property. To use funds for truly anything that you want. The most common reason for clients to refinance their mortgage is to pay out high interest debt and do renovations to their property.

Today we're going to talk about the minimum down payment requirements. In Canada, the minimum down payment to purchase a home is 5%. And there's a common misconception that only first time home buyers are able to utilize this 5% down payment. And that is not true. Actually, anybody can buy a home with as little as 5% down.

Today we're going to talk about second home or vacation home purchases. Did you know that you could buy a second home or vacation property with as little as 5% down? Most people aren't aware of this. They assume that a second home has to be 20% down, and that's not the case.

Today we are talking about mortgage renewals. So your mortgage is up for renewal. What do you do?

This is really important. You're going to get a letter in the mail from your current lender. I urge you, do not sign anything until you've talked to a mortgage professional.

Today we're going to talk about the difference between a fixed and a variable rate mortgage! A fixed rate mortgage is a mortgage product that has a fixed interest rate and payment, which will not change for the life of your loan. A variable rate mortgage, on the other hand, is a mortgage product that has a variable interest rate, which means that if a lender makes changes to their prime lending rate, your interest rate will change as well, either up or down. What are the other differences?

Today we're going to talk about a reverse mortgage. A reverse mortgage is just like it sounds - a reverse of a standard mortgage, where a standard mortgage, you make payments each month and part of that payment goes towards principal and paying your mortgage down over time. A reverse mortgage has zero payments. So what happens is the interest is accruing and your mortgage grows over time?

The mortgage stress test. I'm sure you've all heard about it, and it's causing most of us stress, but I want you to know that there are options. The stress test is a government requirement now for us to qualify you for your mortgage at a rate that's higher than you're actually going to pay. Did you know that there are other options?

Today we're going to talk about property tax deferrals. Did you know that you can defer your property taxes until you sell your home? The government introduced this great program for homeowners to help people who don't have a mortgage, whose property taxes have become really high and unaffordable to stay in their home comfortably.

Today we're going to talk about rental property purchases. When you buy a rental property, the down payment requirement is a minimum of 20%. When buying a rental property, the lender must confirm rental income by way of either a lease agreement or what's called a market rents letter. Rental properties are a wonderful way to build your wealth through real estate, while having somebody else pay the expenses for you.

It can be challenging to qualify for a mortgage when you're self-employed. There are pretty strict guidelines, especially at the banks, for what's required. You usually have to be self-employed for at least two years, and we can only use the income that you declare after your tax write offs to qualify you.

It's a really cool product! With this product you can add the cost of renovations onto your new mortgage when you buy a new home for as little as a 5% down payment. So if you buy a property and it needs new flooring, new carpet, some paint, a little TLC, and you only have enough money saved for the down payment, it's actually a program to help you to be able to do the renovations right away without having to wait and save the money to be able to do it on your own.

Are you having a difficult time qualifying for a mortgage on your own? Did you know that you could add a cosigner to the mortgage to help you get into that home now, rather than waiting for yourself to have more income or qualify in the future? In this video we dive into the options for mortgage co-signers.

A home equity line of credit is a line of credit that's secured against your home. It allows you to access equity from your home in the future if you need it. You can borrow up to 65% of your property's value, and you only pay interest on the amount that you borrow. And interest only payments are required for the payment that you make. Learn more about the HELOC and if it is right for you.

What is an amortization? An amortization is the length of time that it will take you to pay your mortgage to zero, and an amortization helps to dictate what your monthly payment will be to ensure that over that period of time your mortgage is actually paid to zero.