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Renters - Quit Paying Your Landlord's Mortgage and Own Your Own Home

"If you are like most renters, you feel trapped and you are probably tired of paying your landlord's mortgage with nothing to show for it..."

It is everyone's dream to own our own home and stop paying rent.  Like most renters, you feel trapped within the walls of a house or apartment that doesn’t feel like yours.

Don’t Get Stuck In Renter's Rut Anymore...

No matter how long you’ve been renting, or what your financial situation may seem, the truth is, there are some little known facts that can help you get escape from “renter's rut” and help you on your way to homeownership.  Stop wasting your hard earned money on rent, lining your landlord's pocket.

7 Little Known Facts To Help You Buy Your First Home

The problem that most renters face isn’t the ability to make a monthly mortgage payment.  You already are meeting that equivalent every 30 days by paying your landlord's mortgage (your rent).  The real difficulty is to save up the down payment.


7 step by step ideas to change your current status from renter to homeowner:


1. You can buy a home with "little” downpayment

There is help from the government (RSP Down Payment Plan) to help people get into the housing market for less.  You can qualify as a first time buyer even if your spouse has owned a home before, as long as your name was not registered.   


2. Have your mortgage consultant help you with the downpayment

If you do not have enough cash for a down payment, but own a car, a boat, or other assets that you are not making payments on, your Mortgage Consultant might be able to use them as collateral and lend you your down payment.  Some lenders are more flexible than us and let us guide you with your specific situation.


3. Go into debt and create a down payment

By borrowing money for certain investments, like RRSPs, you may be able to generate a significant tax refund for yourself and/or your spouse.  While the money borrowed for these investments is technically a loan, the monthly amount paid can be small, and the money invested in both home and investment will be yours in the end.


4. You can buy a home even if you have problems with your credit rating

If you have a credit issue, by coming up with more than just the minimum down payment by using other equity from other assets, many mortgage consultants may be able to find a lender that is right for you.  We can guide you to a Mortgage Consultant that would be right for you.


5. You can, and should, get pre-approved for a home loan before you go looking for a home

Pre-approval is easy, and can give you complete peace-of-mind when shopping for your home.  Your Mortgage Consultant can obtain written pre-approval for you at no cost, and most of this "homework" can be done over-the-phone.  What you want is more than a verbal approval from your mortgage consultant.  By obtaining written pre-approval, you are assured of your mortgage, which is as good as money in the bank.

You will need to complete a credit application, supply job letters, social insurance numbers, and a list of assets or debts.  Consider dealing only with a Mortgage Consultant.  Enlisting their services may make the difference between obtaining a mortgage and being stuck in the “renter’s rut” forever.  Typically there is no cost or obligation to enquire.


6. Borrow the down payment

Your parents, or siblings, may have equity in their home.  By having them create your down payment by obtaining a 2nd mortgage or a line of credit against it.  Usually a gift letter will need to be signed by the person who you received the money from. 


Taking the time to explore your options, and to learn about the ways you can afford to buy a home, will give you the wisdom needed when you are ready to make the move...relaxed and confident.


For a Free Buyer’s Consultation call us at 604-859-2341 or fill in the form below.

Free Buyer's Consultation

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