Client Comments
Thank you so very much for putting so much effort and time for helping us.

-DARIO & MORCIA S., OAKVILLE

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We were so happy that you were able to provide us with construction financing. The draw amounts work fine with our builder and we plan to refer anyone building a house. Thanks again.

-TOM & SHAUNA D., TORONTO

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Hi Joe

Just wanted to pass on our thanks again for all your help with securing our mortgage.

In hindsight, we would have to say that the entire process of buying for the first time went really well and we managed to avoid a lot of the headache and inconvenience that others seem to come across.

Certainly in regard to arranging our mortgage, things could not have been easier for us and we have you to thank for that.

Your patience and attention to detail was greatly appreciated.

All the best,

. Aghazzarian & L. Marino

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Truly Professional

Joe helped us out with our financing and all the questions we asked. The rates and service was excellent and he even came to our house to sign all the papers.

We have recommend him to our co-workers, friends and family.

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Mortgage Needed In a Hurry!

We needed to arrange something quickly and Joe Walsh was able to provide us with a commitment on the same day;

I would definitely recommend Joe.

A Satisfied Customer!

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We supplied Joe Walsh with all of the pertinent information and we were able to sit back and relax while Joe took care of everything.

He examined all of the possibilities and came up with one that best suited our needs.

Joe took all of the shopping and confusion out of the experience and made it simple for us.

We have used Joe several times in the past and will continue to do so in the future.

He is knowledgeable, professional, there to service quickly & promptly without the stress that normally comes along with this sort of decision

Creative Models For Home Acquisition and Mortgage Financing

“Creative Ways To Acquire a Home and Secure Mortgage Financing in Canada”

Before I get started with this post, I I’d first like to say that I neither recommend or condemn the following two approaches for home acquisition and mortgage financing listed below.

These are options in the market, and like any real estate and financing option, need to be assessed for relevance to an individuals situation and requirements.

Ok, so lets look at some alternative approachs.

The first approach is a “renter” model where a potential house purchaser who is not able to secure financing applies to a rent to own organization for assistance.

There are many variations of this model, but the one I’ve come across the most lately is where the buyer or renter identifies a home they would like to purchase, the renting company qualifies the house under their program and purchases it, giving a 5 year rental agreement back to the interested buyer.

The rental agreement fixes the rental rate for 5 years and includes a banking portion for a deposit so at the end of the 5 year period, the buyer/renter has the right to purchase the property from the renter at a predetermined price.

While this concept is not new by any stretch, the added twist of the new version is the pre-qualification of the buyer/renter at the beginning of the process so that they can be aligned with a home that they will be able to finance and afford in 5 years. The added benefit of some of these programs is credit counseling and credit repair assistance to increase the buyer/renter credit rating to a level that will support institutional financing in 5 years time.

The second home acquisition model I want to discuss is the builder model. In this model, a real estate intermediary works with a builder or group of builders to provide a cash back donation at the end of the building process when the property will be sold for occupation by the buyer.

Effectively, the builder is likely increasing the cost of the home by at least 5% and then offers the increase back to the buyer as a one time donation with no repayment requirements. This provides the cash down payment to secure an insured mortgage provided that the applicants credit and annual earnings support the mortgage requirements.

With the builder model, you may very well be limited to working with one builder and one house design, so this can be a bit restrictive, but will likely vary with each company marketing this type of program.

While both of these models on the surface appear to have some merit for certain individuals, an informed decision to participate or not will have a lot to do with getting into the details and making sure you understand all the related terms and conditions before signing up for anything. You may also want to consider getting legal advise if you’re unsure about the transaction or program requirements.

If you have any questions about mortgage options for these or other purchasing opportunities, give me a call and we will assess your home financing options.

Click Here To Speak With Mortgage Consultant Joe Walsh

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