There are many options when it comes to investing in real estate. There are also many products to achieve financing the purchase of a property. This is where we come in, giving our professional opinion on how to maximize the return on your investment.
Outside your principle residence, there are other programs to consider which include the following:
Second Home – This product is designed for those who require a second home due to work situation, where one spouse works in a different location than the family home. Also, accommodates children while away at university or college who don’t want to throw money away on rent. Down payment required is only 5%, and can be taken from equity in existing home.
Vacation Home – Looking to purchase a cottage or summer home? Use equity in existing home for the down payment or to finance the entire home. Only 5% down payment is required. Contact a Kingston Mortgage Solutions Professional for further details.
Rental Home – Is a great investment tool to diversify your portfolio. A down payment of 20% is required for those with good credit, and for those with bruised credit a slightly higher down payment will be required. Interest on the loan is tax deductible. Contact a Kingston Mortgage Solutions Professional for further details.
Home Equity Line of Credit – Usually taken in conjunction with a traditional mortgage, the HELOC can be a valuable safety net for many homes. It has a lower interest rate than a regular line of credit, and many people use them for big items like a renovation, education, used car purchase, or investments. It should not be used for day to day living expenses. When combined with a mortgage, consumers may register a HELOC to 80% of the value of their home. Own its own, a HELOC can only go to 65% of the value of the home.
New to Canada Program – Securing a mortgage when new to Canada within past 2 years can be difficult. There is limited or no credit available for lenders to analyze your profile, but we have programs to help. A down payment of 5% on a property may be available to you, but contact a Kingston Mortgage Solutions Professional for further details.
DND Brookfield/Military Relocation – With Kingston being a military town, we are well versed and experienced to handle relocating families to this great city. We will help maneuver the use of your ‘purses’ to best maximize interest savings and paying down of the mortgage quicker. We will tailor it to your needs. We will handle communication with Brookfield as well, on your behalf. Contact a Kingston Mortgage Solutions Professional to get pre-approved prior to your HHT.