Vincent La Fiura, Toronto Real Estate, Condos, Lofts, Townhouses, MLS Broker

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Wake up and Smell the Coffee

June 6, 2012 - Updated: June 6, 2012


Why are you still renting? What is it about paying someone else's mortgage that makes you feel comfortable? What the heck are you thinking? For all the renters out there that know the obvious, I'm sure you don't want to hear it again but I will remind you anyway. Why are you paying someone else's mortgage? There I said it, tenants are going to have to come to grips with it eventually.



Unfortunately some people just don't have the down payment to make home ownership possible and the new mortgage rules that have been put into place over the last few years hasn't helped these types of buyers as no money down cannot be financed through a tier 1 lender anymore.



I have a solution for the buyer out there that wants to buy a house in Toronto and has great credit, a good steady stream of income but lacks the money down to qualify for a mortgage. I helped a good friend of mine out who was renting his life away paying over the top to live in some vibrant Liberty Village condo, I gave the same advise I'm about to give you.



You can still buy a home in Toronto or even buy a Toronto condo whatever your choice is, the secret is finding a seller that will give you the mortgage as a seller take back or find a private lender that will finance 100% of the deal, some do exist. Yes you will pay a somewhat inflated interest rate but it's not that inflated when you compare to what rates have been traditionally over the last 20 years or so, bottom line we as Canadians have been spoiled by these low interest rates over the last few years.



It's funny because what I just explained to you in this column is how many so called real estate coaches in the country earn big dollars by selling you this information at a seminar that only costs $49.99 to attend! I'm sure you have seen the infomercial from time-to-time.



This method of taking back a mortgage as a property seller is how most private lenders enter into this business, they try it out first by giving out zero to little risk mortgages to buyers that have great credit and a reasonable down payment, than after getting their feet wet they begin to take more risk due to comfortability but mainly because the healthiness of the Toronto market. It's a win-win situation for everyone involved.



Another funny statistic that I have noticed over the years is that buyers that have engaged into buying with a private lender continue the trend with their next purchase, they almost never return to doing business with the large banks again. I thought I would share that with you as I find it be very ironic.



Being a bank for private lenders is big business and they love to lend money at a higher than market interest rate but it gets you into your own home and over time you will build equity and with that personal wealth. Don't wait any longer; start your search for your dream home and jump on the bus, I promise you will really enjoy the ride. 




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Vincent La Fiura
Toronto Real Estate, Condos, Lofts, Townhouses, MLS Broker

Phone: 416-769-1616
Fax: 416-769-1524


RE/MAX West Realty Inc.
Brokerage, Independently Owned and Operated

1678 Bloor Street West, 4th Floor
Toronto, Ontario. M6P 1A9.

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