Federal Finance Minister is sniffing Glue?
Federal Finance Minister is sniffing Glue?
http://www.calgaryherald.com/business/Finance+Minister+Flaherty+worried+about+slumping+markets+tougher/3538641/story.html#ixzz0znazxjsZ
The Federal Govt have accomplished what they intended to do with changing the mortgage qualifying rules.
Is this something positive or negative for Canada's economy? In any event, if you have money and a good job you can still buy a home with Seller Financing.
What is Seller Financing? Lets break it down:
Key Elements of Seller Financing:
1.Seller acts as the bank for the Buyer, so the Buyer does not have to get a bank mortgage!. THIS MEANS NO BANK QUALIYING!
2. Title and mortgage stay in the Seller’s name.
the Buyer registers a caveat on title, to show their interest in the property
3. Buyer and the Seller agree on Down Payment, Purchase Price, and any other Terms
the Buyer makes Mortgage payments to the Seller each month, either until the Mortgage is paid off, or until your agreement comes to an end with the Seller. At this point you have to get your own financing and pay out the Seller the remaining loan balance.
You buy the home using an “Agreement For Sale” document, which is similar to a Mortgage document, except it’s between the Seller and Buyer, rather than Buyer and Bank. Lawyers will draft everything for you and its 100% legit and legal.
Pretty Simple. Anybody can buy a home if they have a downpayment AND can make the monthly payments.
When the BANKS say NO we still have Sellers who say YES.
NO BANK QUALIFYING!!
Best Regards,
Denis Hrstic
www.MyHomeAgent.ca
http://www.calgaryherald.com/business/Finance+Minister+Flaherty+worried+about+slumping+markets+tougher/3538641/story.html#ixzz0znazxjsZ
The Federal Govt have accomplished what they intended to do with changing the mortgage qualifying rules.
Is this something positive or negative for Canada's economy? In any event, if you have money and a good job you can still buy a home with Seller Financing.
What is Seller Financing? Lets break it down:
Key Elements of Seller Financing:
1.Seller acts as the bank for the Buyer, so the Buyer does not have to get a bank mortgage!. THIS MEANS NO BANK QUALIYING!
2. Title and mortgage stay in the Seller’s name.
the Buyer registers a caveat on title, to show their interest in the property
3. Buyer and the Seller agree on Down Payment, Purchase Price, and any other Terms
the Buyer makes Mortgage payments to the Seller each month, either until the Mortgage is paid off, or until your agreement comes to an end with the Seller. At this point you have to get your own financing and pay out the Seller the remaining loan balance.
You buy the home using an “Agreement For Sale” document, which is similar to a Mortgage document, except it’s between the Seller and Buyer, rather than Buyer and Bank. Lawyers will draft everything for you and its 100% legit and legal.
Pretty Simple. Anybody can buy a home if they have a downpayment AND can make the monthly payments.
When the BANKS say NO we still have Sellers who say YES.
NO BANK QUALIFYING!!
Best Regards,
Denis Hrstic
www.MyHomeAgent.ca
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