All Forum Posts by: Tyler Stiller

Does anyone have a joint venture agreement they would be willing to share with me? Here is the situation I'm getting involved in. If you had any other feedback or comments about the risk, I'd love to hear it:

- I provide 50% of down payment and closing costs. He is on title and mortgage, I am on neither

- Other partner is going to live there, pay all monthly mortgage payments, condo fees, and upkeep

- Any capital expenditure we would split

- This is with a brother, no concerns about legal recourse, but really we need an agreement so we are on the same page

Upon SALE of the property

- My portion would be to get my down payment back AND  the change in value less half the realtor fees. 

- His portion would be the difference, which means he gets all the mortgage paydown back

You can refinance with variable rates at 1.50% with a lot of lenders. I have a lender even who will not let you variable rate mortgage fluctuate when the prime rate changes, for cash flow and budget planning. 

let me know if you want some help 

Is your mortgage broker from BC? If so you may want to talk to a mortgage broker from Ontario. We have some different lenders they may not be aware of that we can use. 

If you want me to give your situation a look, send me a pm and I can see if your current mortgage broker is missing something. 

Unless you refinance your mortgage, the lender will just send you a renewal with similar terms 

@Taylor Hunter

you’re right. B lenders definitely want 20% down they charge a 1% fee and so does the broker. 

If it’s helpful, I can provide a list of cities they would lend in. 

There are also ways to go to a b lender, and in ontario I have a product where they I can get you 15% money back so you really only have 5% down payment.  And it matches your first mortgage rate. 

@Mike Nathan

if you or your friend want help, send me a PM. These are not fly by night lenders, they are lenders that either lend on equity, or for people who don’t declare a lot of income. 

@Mike Nathan

Yes it is possible with no income qualification at all. It's possible to get up to 65% of the value of the house on a line of credit, that comes in the form of cheques and credit card.