On Thursday I checked out the local real estate club meeting and was pleased to be among local investors who are taking action.
One woman had purchased FIVE properties so far this year!
We got a chance to practice our “elevator pitch”, network with realtors, people with money to invest, and other investors seeking deals.
The highlight of the evening was a presentation by TEAGUE BRINKWORTH. Teague is very knowledgeable about the ever changing lending environment(I learned lots about my personal situation) and he is based right here in Kamloops.
A few tips to make getting mortgages easier:
– your credit scores will be higher is you keep your credit balances below 50% of your maximum
– some lenders will debt servicing even on zero balance credit products you have, so that $100,000 unsecured LOC you never use might in fact disqualify you from a mortgage
– One tip that was particularly valuable was for people purchasing a home with less than 20% DOWNPAYMENT and a basement suite: if the suite is non-conforming(most are), try to ensure your mortgage insurer is Genworth, not CMHC. The reason is that CMHC does not count rental income from non conforming suites, so future borrowing may be negatively impacted.
Now, buying a home with a basement suite is wise(I share how I am $60,000 richer thanks to a basement suite in my book), but when shopping for a mortgage it is certainly wise to get an expert like Teague on side who knows the rules and can help make the best long term plans.
I will certainly be calling him to discuss options when my mortgages come up for renewal!
Anyway I’m looking forward to the next KREIC netting and will keep you all updated.
Until next time,