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Jake illustration 6 facts print .pdf


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Six Things You Must Know on Monday

1

If you have less than
20% down you must
qualify at 4.64%

2

OPTIONS:

• HELOC from parents
• co-signing to add income

• Discounted rate (for now) with
certain banks/lenders - not all like
National, no, but others, yes

• cash-back and borrowing against
LOCs “flex down”

• RRSP loans etc to get over 20%
hump

• RRSP loans etc to get over 20%
hump

3

5

Don’t be scared of
alternative lenders
like Home Trust

• Their rates are at all time lows
even though they are a huge PITA
sometimes

20% down or more
borrowers can
qualify at 30-year
amortization

4

Refinance rules
have been extended
to May 1st deadline
• Good for clients who want to
keep and use equity to make
next purchase

• They can get things done at as little
as 10% down

• Still unknown whether this allows
25 or 30-year amortization

Some buyers will
need to change their
goals/dreams and
set based on reality

Three AL teams have
come back from
down 0-2 to win a
7-game series, and
have a 20% chance
statistically

• Even getting into condo market is
better than no market at all when
over 50% of your payment still
goes to principal (because rates
are so low)

6

• Buy, build equity, sell in 3-5 years,
move up

Mortgage Jake

416-910-4448
mortgagejake.com
FSCO m08003274
A Mortgage Edge Agent MBL 10680


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