All Forum Posts by: Julie Toh

@Yumiko A. You're welcome. My suggestion to get an unsecured loc is cost-effective compared to getting cash from your credit card or a private lender. The co-signor idea is practical and also cost-effective; a co-signor is someone who not only has the resources for the down payment but would also qualify for the mortgage. Best.

@Chirag Rathod A primary residence is eligible for an insured mortgage i.e. homebuyers make a down payment of less than 20% of the purchase price. Your DTI ratios will have to work to qualify for this.

@Caleb Ryan This sounds like a good find. Could you negotiate for a VTB? Qualify for a mortgage for the balance.

@Kevin Mercado Welcome to BP.  You may be on to something if you look to Waterloo /Kitchener. The Waterloo Region is a growing ecosystem of over a thousand tech-related businesses, this in itself is appealing to REIs. Would it work for you to house hack i.e. to buy a MF, live in one unit and rent the other? This strategy is eligible for an insured mortgage.

@Nick Parenti I think you are off to a good start having read, listened, researched on BP for sometime. Our fellow BPers here have given you some timely advice. I like the old adage, "Don't wait to buy real estate, buy real estate and wait" and this advice has worked for me. I'm curious, have you consulted a mortgage broker to determine your borrowing power? 

@Jane Kai Jane, your best bet is to consult a mortgage loans originator (MLO). The time you spend calling bank after bank is best used to do work that increases profit. The MLO should be able to find you the right lender for your situation. 

@Elizabeth Rose It seems that the banks in the USA and Canada ask the same question, "What do you plan to use the money for?" when you refi / take out equity. What's the best response to that? Whenever I structure my client's refi application, the answer "the funds will be used for investment purposes" pretty much speaks for itself. And this is the truth. And it is acceptable. 

A heloc is an under-utilized financial tool. Most homeowners are happily unaware of this goldmine. All the best. 

@Chirag Rathod A couple of advice if you want to pull the trigger sooner rather than later. 

1. A minimum down payment (less than 20% down) mortgage is structured as your primary residence. To qualify for a larger loan in this situation, consider a property with a legal suite because the rent revenue counts as your income. 

2. Is your wife's new job a continuation of her career path? There is a way around the 3 month wait.

@Elaine Lee

A realtor is one of the key partners on your team.  Build a relationship with key partners, kill them with kindness and you'll be rewarded. Be clear and transparent about your expectations and your affordability - the realtor would appreciate this. 

I learned from experience to build a team of trusted RE professionals that I'd want to work with for the long-term. After connecting with my realtors through my inner circle, I have a complete team of go-to RE professionals that provide invaluable knowledge.

@Marina Medina Congrats on your first post. In addition to the BP podcasts and books, a good resource is the forum here. I learn something new every time I read the forum.