Mortgage Broker Needed in KWC
- Thread starter WJW
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the mortgage is no different for an RTO as for a regular rental, so its not really necessary to have a broker that knows about them. The only thing to stress to the broker is that you have a signed lease agreement for above markets rents and make sure they include it in their application to the lender.
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QUOTE (AndyLuchies @ Nov 11 2009, 06:53 PM) the mortgage is no different for an RTO as for a regular rental, so its not really necessary to have a broker that knows about them. The only thing to stress to the broker is that you have a signed lease agreement for above markets rents and make sure they include it in their application to the lender.
You should analyze the property as if it was rent only WITHOUT RTO and give those numbers to the lender. This will protect you also from being left with a property that you cannot rent for the `above market rent` you will be receiving with RTO. As long as the numbers work with the lower scenario, you should be able to use any mortgage broker.
Another word of advice is to have the broker work with your clients also, or at least look at their application to help you devise a plan for them to buy out.
If you need any references, feel free to contact me.
You should analyze the property as if it was rent only WITHOUT RTO and give those numbers to the lender. This will protect you also from being left with a property that you cannot rent for the `above market rent` you will be receiving with RTO. As long as the numbers work with the lower scenario, you should be able to use any mortgage broker.
Another word of advice is to have the broker work with your clients also, or at least look at their application to help you devise a plan for them to buy out.
If you need any references, feel free to contact me.
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We invest in Kitchener and live in Cambridge, but our broker is in BC. He helps us get mortgage products that support our portfolio and larger goals. The distance is not an issue at all. If you have a broker you are happy with you may want to continue to work with them. If you are looking for a change, there are several brokers in REIN that I can strongly recommend even though they are not in the K-W-C area.
- anyone in the Peter Kinch team
-Jas Grewal
If you would like the name of our broker, send me an email to [email protected].
Good luck!
- anyone in the Peter Kinch team
-Jas Grewal
If you would like the name of our broker, send me an email to [email protected].
Good luck!
I also invest in the KWC area and if you need a name then please send me an email at: [email protected] and I can direct you.
Thank you!
Thank you!
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- Dec 21, 2007
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- 58
Thank you everyone for your replies. This forum is amazing....
I wanted to clarify my situation. I`m a realtor and have 2 different clients that can`t buy a house the conventional way because of poor credit. They are interested in purchasing a home by way of RTO. I have investors that are willing to buy a home on their behalf and rent it out with the option to purchase.
However, when I approached my mortgage broker all I got was how `this can`t be done` answers. The confused mind will always say "no".
He brought up some valid questions like:
What if the renters can`t qualify for a mortgage at the end of the term?
What if the property doesn`t appraise for the agreed upon price when the option is up and they can`t get a mortgage?
So I guess I`m wondering if there are any mortgage brokers in the KWC area that have already helped and completed an RTO. Or does it really matter where the mortgage broker is located?
Regards,
walter
I wanted to clarify my situation. I`m a realtor and have 2 different clients that can`t buy a house the conventional way because of poor credit. They are interested in purchasing a home by way of RTO. I have investors that are willing to buy a home on their behalf and rent it out with the option to purchase.
However, when I approached my mortgage broker all I got was how `this can`t be done` answers. The confused mind will always say "no".
He brought up some valid questions like:
What if the renters can`t qualify for a mortgage at the end of the term?
What if the property doesn`t appraise for the agreed upon price when the option is up and they can`t get a mortgage?
So I guess I`m wondering if there are any mortgage brokers in the KWC area that have already helped and completed an RTO. Or does it really matter where the mortgage broker is located?
Regards,
walter
Hi Walter,
We use Kevin Boughen to help us screen and our Rent to own tenants. Typically we get the investors to get the mortgage through him as well so that he gets paid for his time he will also work with the tenant to help them improve their credit to get financing after the set time.
[email protected]
If you need any other help drop me a line [email protected]
We use Kevin Boughen to help us screen and our Rent to own tenants. Typically we get the investors to get the mortgage through him as well so that he gets paid for his time he will also work with the tenant to help them improve their credit to get financing after the set time.
[email protected]
If you need any other help drop me a line [email protected]
- Joined
- Sep 14, 2008
- Messages
- 392
QUOTE (WJW @ Nov 12 2009, 04:39 PM) Thank you everyone for your replies. This forum is amazing....
I wanted to clarify my situation. I`m a realtor and have 2 different clients that can`t buy a house the conventional way because of poor credit. They are interested in purchasing a home by way of RTO. I have investors that are willing to buy a home on their behalf and rent it out with the option to purchase.
However, when I approached my mortgage broker all I got was how `this can`t be done` answers. The confused mind will always say "no".
He brought up some valid questions like:
What if the renters can`t qualify for a mortgage at the end of the term?
What if the property doesn`t appraise for the agreed upon price when the option is up and they can`t get a mortgage?
So I guess I`m wondering if there are any mortgage brokers in the KWC area that have already helped and completed an RTO. Or does it really matter where the mortgage broker is located?
Regards,
walter
Drop your mortgage broker. Clearly you need someone who knows MORE than you do about financing, not less. I also recommend anyone on the Peter Kinch team, mark loeffler can tell you everything you need to know about RTOs. You`ve been fed some very misleading information. It should be easier to get financing on an RTO, not harder, because you have a signed lease for higher than market rent, but you have to structure it correctly. email me if you like, or talk to mark.
Also, if you cannot answer those questions posed by your mortgage broker, you need to do more research on RTOs. Those questions should be answered well before you are at the buying stage. RTOs can be very profitable but you must know all your answers before you start the process. Think of it as a joint venture with the tenant. Everything must be spelled out clearly or there will be rocky terrain ahead.
You`ve come to the right place.
I wanted to clarify my situation. I`m a realtor and have 2 different clients that can`t buy a house the conventional way because of poor credit. They are interested in purchasing a home by way of RTO. I have investors that are willing to buy a home on their behalf and rent it out with the option to purchase.
However, when I approached my mortgage broker all I got was how `this can`t be done` answers. The confused mind will always say "no".
He brought up some valid questions like:
What if the renters can`t qualify for a mortgage at the end of the term?
What if the property doesn`t appraise for the agreed upon price when the option is up and they can`t get a mortgage?
So I guess I`m wondering if there are any mortgage brokers in the KWC area that have already helped and completed an RTO. Or does it really matter where the mortgage broker is located?
Regards,
walter
Drop your mortgage broker. Clearly you need someone who knows MORE than you do about financing, not less. I also recommend anyone on the Peter Kinch team, mark loeffler can tell you everything you need to know about RTOs. You`ve been fed some very misleading information. It should be easier to get financing on an RTO, not harder, because you have a signed lease for higher than market rent, but you have to structure it correctly. email me if you like, or talk to mark.
Also, if you cannot answer those questions posed by your mortgage broker, you need to do more research on RTOs. Those questions should be answered well before you are at the buying stage. RTOs can be very profitable but you must know all your answers before you start the process. Think of it as a joint venture with the tenant. Everything must be spelled out clearly or there will be rocky terrain ahead.
You`ve come to the right place.
- Joined
- May 11, 2009
- Messages
- 172
QUOTE (markl @ Nov 12 2009, 06:33 PM) Hi Walter,
We use Kevin Boughen to help us screen and our Rent to own tenants. Typically we get the investors to get the mortgage through him as well so that he gets paid for his time he will also work with the tenant to help them improve their credit to get financing after the set time.
[email protected]
If you need any other help drop me a line [email protected]
I`ll second Mark`s endorsement of Kevin. We`re going through our first RTO in Cambridge right now and he`s been stellar at getting us great financing and helping to screen potential tenant/buyers. He knows his stuff and is very familiar with the finer details of RTO. Plus, he`s been very helpful in educating us along the way, which I always appreciate!
We use Kevin Boughen to help us screen and our Rent to own tenants. Typically we get the investors to get the mortgage through him as well so that he gets paid for his time he will also work with the tenant to help them improve their credit to get financing after the set time.
[email protected]
If you need any other help drop me a line [email protected]
I`ll second Mark`s endorsement of Kevin. We`re going through our first RTO in Cambridge right now and he`s been stellar at getting us great financing and helping to screen potential tenant/buyers. He knows his stuff and is very familiar with the finer details of RTO. Plus, he`s been very helpful in educating us along the way, which I always appreciate!