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Which Is The Right Home Loan for You?

By: Nick Thompson

Which Is The Right Home Loan for You?

Tags: mortgage, loan, lowest rate, norfolk, buy, real estate

 

Are you thinking of buying a property for your primary residence or investment and you’re wondering how to get the best terms on your mortgage? In this video, I’m going to show you how to get the best terms that make sense for your purchase and financial goals. I’ll show you how to get creative in financing your property and explain the options available to you so you can get the best deal.

Choosing The Best Financing Options

If you’re getting a mortgage on your next home purchase, you’re probably thinking two things: am I getting the best terms, and do these numbers make sense for this purchase and my goals? There’s a saying in real estate that you don’t make money when you sell a property, you make money when you buy it. While that’s true, you have to have the proper financing in place for that investment. 

Traditionally in Canada, when you finance a property, you’d go through the big bank or a mortgage agent. You’d probably only be told about one or two options for your financing, but this is not all that’s available to you. There are a ton of different creative ways to be able to finance your property based on your goals, not the banks. As a realtor and investor myself, I’ve personally used many different creative financing methods to build my own portfolio over the last 15 years. I’ve also helped my clients and investors to build theirs as well. That’s why we created Trinity Mortgages and the Home Max Program.

The Home Max Program

Home Max focuses on giving you a minimum of three financing options. This enables your investment to be leveraged to meet your goals, not ours. We’ll come up with multiple, different, out-of-the-box options for financing your next property. Additionally, we’re not just going to look at your property, but we’re going to look at your entire financial picture. We’ll take it all into account to allow you to best maximize your biggest investment.

For example, I just had a client who bought their dream hobby farm. Before they bought their place, they had a couple of car payments, a boat payment, a student loan, and their mortgage. Sounds familiar, right? Well, guess what? They built a bunch of equity in their home, so they could have put a big down payment on their next house. Instead of doing that, though, we minimize the down payment and use the rest of the equity to pay off all their debts. Now they own a property with 50 acres more than they had before and they have a smaller monthly payment.

Here’s another great example. We had a client getting into his first investment property. The problem was the property needed a lot of work, so we had to get a little creative. Most lenders would have just suggested a 20% down payment and 80% of the property value in a mortgage. That’s not what we did. We took part of it as the mortgage and part of it as a home equity loan, which ended up saving him thousands of dollars.

How Home Max Works For You

It’s not that these programs didn’t exist before, it’s just that you weren’t shown them. There are all kinds of loan options when getting a mortgage, but who you work with matters. You’re making one of the largest financial investments in your life, so you want to make it smart. Your financing is where it starts, and here’s how Home Max works for you.

Once we begin working together, we’re going to get a good picture of your overall situation. This includes not only the property you’re looking to buy but how long you’re looking to hold it for and where it fits in in your life. Then we’re going to customize a minimum of three different options for you to finance that property and best optimize your investment.

There are three legs to every investment: the deal, the person running the deal, and the financing behind it. The difference between Trinity Mortgages and everybody else is that we’re like financial planners but for your real estate investment. So if you’re interested in maximizing your next home purchase and you’d like to find out how to get started, feel free to contact us and we’ll be happy to get you started.  We’re going to come up with several different options for your financing and we’re going to get creative so we can help you make the best investment.