I did this zero down, 40 year mortgage, no down payment and no flex option 15 years ago and now my house has more than doubled. Better than renting folks.
Could you make a video on investment mortgage for rental purposes . Is it possible to buy a property and make sure that the rent covers mortgage cost and any additional fee like maintenance fee and taxes ?
Wish this province would start allowing companies to look into rent payments as a liable source of data when it comes to buying a home. If in 5 years you have never missed a rent payment plus utilities most apartment are in the 1100 to 1300 range a month it should bloody well mean something to a lender. But instead I was told over and over we don't take that information because landlords don't talk to credit burro's unless you haven't paid. What are your thoughts on this and why is this not the case.
Hey Sean. Even though rent payments do not appear on credit reports, a letter of credit reference from your landlord does count. That being said you do need to have a solid base credit score with traditional credit reporting as well for at least 1 year.
Liked the video and thanks for the info. I like the real estate in general. I work full time for my company in Canada and pay a lot of taxes (6 figures salary) I have bought house last year and I was thinking to buy real estate rental properties to help me paying less taxes. I’m wondering if this is something doable.
Thanks for your comment Chetan. I am not an account but my laymen's understand of that would be that rental property would not help to reduce your income tax costs.
Hello Kevin, Thank you it was a very informative video. I have a question and was hoping that I can get your opinion to better understand what I am thinking is right or not. I have 20% downpayment saved up for the price range of a house I am looking for and I am looking for 1st home, but I was thinking if I can get a mortgage with 10% down then I should take that option, I understand that I have to pay CMHC insurance. The reason I mentioned is the rest saved up 10% it can be used towards purchasing a 2nd home and mostly preconstruction or any house within a budget that I can put up for rent and should cover most of the expenses through rent amount. Precontruction houses are ready in 1-2 years and have a deposit structure of 50-80K average so will get enough time to get the remaining amount as without 20% down it would be hard to get the mortgage on a 2nd home. What about HELOC if I PAY 20% Down now, is that a good option or to pay 10% now and use the other 10% towards the next property is a good option. Let me know your thoughts.
This is fairly complex and you may want to contact me directly. The issue though is that if you are buying a property that is to be a rental property, the minimum down payment is 20%.
Hello Kevin, thank you for the info. I have been trying to purchase a house on a single income for at least a year now but haven't been successful in doing so. I have 10% down payment, my job is permanent, I have no debt and my credit very good. I am a single mother and and the sole person witg an income, which seems to be my biggest problem. Is there anyway around that?
Hey Lisa. Banks typically don't but many of my broker aligned lenders will use child tax benefit and child support income for qualification. A cosigner with good solid income can be a big help as well. Please contact me directly through my website if you would like to discuss.
Awesome informative video, thank you, Kevin. I'm being told to save for a 20%-25% mortgage which will take me a few years but I know we will not see mortgage rates and house prices like we will see in the coming months. Do people buy in recessions and refinance later on once they have money for a 20-25% down? Will premiums and insurance cost make it so I can't build up equity in the mean time? I checked off all your qualifying criteria for a Flex down mortgage
Hey Austin. Is there a reason why you were wanting to put 20% down? Is it to avoid the mortgage insurance premiums (CMHC fees)? You can purchase a home for yourself to live in for 5% down. You pay the insurance premiums upon possession of the home. You can't get those back in a refinance later.
@@KevinCarlsonMortgages Yes this was to avoid mortgage insurance premiums. Thank you for your reply. My thoughts were to buy when mortgage rates are low and people having to sell in this unfortunate pandemic time. That I would put 5% down and come out ahead when rates and homes settle back to their original values. I guess I'm just worried about missing out on building equity at the same time as saving. Thanks again, and will be in touch as I find out more about my personal mortgage qualifications
As long as you are in Canada, I can work with you to get you pre-approved. Paying rent and saving up down payment only builds future home equity through your savings. You miss out on the equity built by property value increase. The owner of the property you rent gets to build equity by property value increase while you help pay off their mortgage and generate even more equity.
What if the applicant already has the loc? is the draw still additinally included in the dsr or is it automatically considered as the minimum loc payments are ussually included as if the loc is maxed which i belive is the best way.
If the LOC is being used as the down payment then I have to use 3% of the amount that will be drawn to fund it. The closings costs of 1.5% of the purchase price must from own savings or investments.
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I did this zero down, 40 year mortgage, no down payment and no flex option 15 years ago and now my house has more than doubled. Better than renting folks.
That's super
Hi, how did you do zero down? Was it through bank?
Thank you very much !!
Thank u
Could you make a video on investment mortgage for rental purposes . Is it possible to buy a property and make sure that the rent covers mortgage cost and any additional fee like maintenance fee and taxes ?
I can do better than that. Contact me directly and I will see if I can assist you.
very good information, Thank you, sir,
You are very welcome. Thank you for your comment.
nicely explained
Thank you 😃
Wish this province would start allowing companies to look into rent payments as a liable source of data when it comes to buying a home. If in 5 years you have never missed a rent payment plus utilities most apartment are in the 1100 to 1300 range a month it should bloody well mean something to a lender. But instead I was told over and over we don't take that information because landlords don't talk to credit burro's unless you haven't paid. What are your thoughts on this and why is this not the case.
Hey Sean. Even though rent payments do not appear on credit reports, a letter of credit reference from your landlord does count. That being said you do need to have a solid base credit score with traditional credit reporting as well for at least 1 year.
great content
Do the same terms and conditions apply If am buying an Investment property
No. The down payment required for the purchase of a rental property is 20%.
Liked the video and thanks for the info.
I like the real estate in general. I work full time for my company in Canada and pay a lot of taxes (6 figures salary) I have bought house last year and I was thinking to buy real estate rental properties to help me paying less taxes. I’m wondering if this is something doable.
Thanks for your comment Chetan. I am not an account but my laymen's understand of that would be that rental property would not help to reduce your income tax costs.
Kevin Carlson Mortgages appreciate the reply, thank you 👍
Is it possible to get a mortgage for a home in a foreign country?
Sorry, I can only work with clients purchasing a home in Canada.
Hi Kevin, is buying vacant land the same as buying a house on a mortgage?
Not at all. Getting a mortgage on vacant land often requires 50% down payment.
Hello Kevin,
Thank you it was a very informative video.
I have a question and was hoping that I can get your opinion to better understand what I am thinking is right or not.
I have 20% downpayment saved up for the price range of a house I am looking for and I am looking for 1st home, but I was thinking
if I can get a mortgage with 10% down then I should take that option, I understand that I have to pay CMHC insurance.
The reason I mentioned is the rest saved up 10% it can be used towards purchasing a 2nd home and mostly preconstruction or any house
within a budget that I can put up for rent and should cover most of the expenses through rent amount.
Precontruction houses are ready in 1-2 years and have a deposit structure of 50-80K average so will get enough time to get the
remaining amount as without 20% down it would be hard to get the mortgage on a 2nd home.
What about HELOC if I PAY 20% Down now, is that a good option or to pay 10% now and use the other 10% towards the next property is a good option.
Let me know your thoughts.
This is fairly complex and you may want to contact me directly. The issue though is that if you are buying a property that is to be a rental property, the minimum down payment is 20%.
Hi, thanks for your informations
Are able to get mortgage for a house in alberta province?
Yes. I have a colleague that is licensed in Alberta that can co-broker mortgages for me.
Hello Kevin, thank you for the info. I have been trying to purchase a house on a single income for at least a year now but haven't been successful in doing so. I have 10% down payment, my job is permanent, I have no debt and my credit very good. I am a single mother and and the sole person witg an income, which seems to be my biggest problem. Is there anyway around that?
Hey Lisa. Banks typically don't but many of my broker aligned lenders will use child tax benefit and child support income for qualification. A cosigner with good solid income can be a big help as well. Please contact me directly through my website if you would like to discuss.
Awesome informative video, thank you, Kevin. I'm being told to save for a 20%-25% mortgage which will take me a few years but I know we will not see mortgage rates and house prices like we will see in the coming months. Do people buy in recessions and refinance later on once they have money for a 20-25% down? Will premiums and insurance cost make it so I can't build up equity in the mean time? I checked off all your qualifying criteria for a Flex down mortgage
Hey Austin. Is there a reason why you were wanting to put 20% down? Is it to avoid the mortgage insurance premiums (CMHC fees)? You can purchase a home for yourself to live in for 5% down. You pay the insurance premiums upon possession of the home. You can't get those back in a refinance later.
@@KevinCarlsonMortgages Yes this was to avoid mortgage insurance premiums. Thank you for your reply. My thoughts were to buy when mortgage rates are low and people having to sell in this unfortunate pandemic time. That I would put 5% down and come out ahead when rates and homes settle back to their original values. I guess I'm just worried about missing out on building equity at the same time as saving. Thanks again, and will be in touch as I find out more about my personal mortgage qualifications
As long as you are in Canada, I can work with you to get you pre-approved. Paying rent and saving up down payment only builds future home equity through your savings. You miss out on the equity built by property value increase. The owner of the property you rent gets to build equity by property value increase while you help pay off their mortgage and generate even more equity.
hey kevin do you help poeple from ontario?
What if the applicant already has the loc? is the draw still additinally included in the dsr or is it automatically considered as the minimum loc payments are ussually included as if the loc is maxed which i belive is the best way.
If the LOC is being used as the down payment then I have to use 3% of the amount that will be drawn to fund it. The closings costs of 1.5% of the purchase price must from own savings or investments.
Can you work with anyone in Ontario?
Yes I can. I have a colleague in Ontario that assists with my compliance requirements there.