Mortgage Brokers VS Bankers
In a perfect world, your mortgage provider would always provide the lowest interest rate, require zero down payment, implement minimum penalties for early cancellations, provide product flexibility to accommodate every unique situation, and have no limit on the number of financeable properties allowable. Then, to sweeten the deal, it would be wonderful if the government would enact legislation to protect consumers from new changes; alas, this is not our world.mortgage broker in Ontario
But in the last 10 years, the financing world has become more restrictive, regulated, and oftentimes inaccessible. The banks seem to relish being the custodians of such change.
Your bank will typically be able offer you competitive mortgage interest rates, but it is the mortgage broker that may provide you with access to ‘beneficial mortgage features.’ Mortgage brokers cannot only access most of the major banks; they also have access to non-bank financial institutions that specialize in those areas that the banks do not.mortgage broker in Ontario
The following video shows some of the ways that we can help.
Mortgage Brokers Can Offer:
- Down payment options and solutions that are not available to all of the banks, which ultimately impact your cash flow. Traditional and non-traditional forms of down payment include equity in existing property, private money, and RRSP mortgages; generally ‘outside the box’ thinking.
- Mechanisms to drive down interest rates. Mortgage brokers have the ability to reduce or ‘buy down’ the interest rate, often well below the bank’s best competitive rate.
- Lenders with products to maximize the number of properties you can buy. Most banks only allow you a maximum of 4 properties. Mortgage brokers can find you lenders who don’t have restrictions on the amount of properties you can finance, as long as you adhere to certain conditions.
Investors require financial strategies for different situations. Mortgage brokers can find suitable financial institutions to accommodate the following strategies and situations: rent to own; second homes; self-employment; stated income financing; cash back; debt coverage ratio financing; purchase plus improvement on rentals; longer rate holds; rental offsets which allow the rental property’s income to boost your purchasing power as high as 80% of the monthly rents; placing the property in a company or holding company name; etc.
If you are serious about building a portfolio, your banker will be able to tell you about all of the options and solutions that their bank can offer.
But your mortgage broker will be able to tell you about all of your options and solutions that all banks, non-bank financial institutions, and private lenders can offer.mortgage broker in Ontario
Mortgage Broker VS Mortgage Broker
Not all mortgage brokers are created equal, just as no two mechanics, contractors, lawyers or accountants are created equal. Each has their unique style, level of experience, and competency.
All mortgage brokers have access to the same institutional lenders, but the factors that separate one broker from another are their experience, diversity of private lenders, and their ability to get you the best rate/ mortgage product solution for your situation. Most importantly, if they are an investor themselves, they will understand your needs, strategies, and long-term objectives.mortgage broker in Ontario
REICO Mortgage Broker
They are mortgage professionals and active investors. They help investors fund residential, investment, commercial, rent to own, and private mortgage financing opportunities.
They are aware of the countless financing solutions that investors have used to secure properties, which include multiple VTB’s equaling 100%, RRSP mortgages, assignments, debt coverage ratio financing on residential properties, obtaining open mortgages then refinancing after forcing the appreciation, using lines of credit, blanketing other properties, and many more. They are proud of their success in this field and genuinely enjoy the challenge.
REICO’s traditional and alternative mortgage lender network has an arsenal of financial solutions for your real estate investment needs.mortgage broker in Ontario
REICO's Alternative Mortgage Lender Network
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