Mortgage Penalties

Podcast Episode 87:
Fun with Mortgage Payout Math.”

Paying off a mortgage early can result in penalties. However, there are ways of minimizing the financial repercussions. In this Tale, Barry works through some mortgage math that could save you money.

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Buying and/or selling Alberta real estate? Contact Barry now!

“Mortgage” image courtesy of NYPhotographic.com used under Creative Commons Attribution-Sharealike 3.0.

How to Get a Seller to Do Repairs

Podcast Episode 62:
Holdbacks or Drawbacks?”

A holdback clause can help insure that the seller takes care of a property’s deficiencies before closing. The language of this item in your purchase contract needs to be very specific in order to be effective. Some lenders, however, don’t like cash backs, holdbacks, or credits.

Download the audio file HERE and the text/handout HERE.
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Rules for Getting Mortgages

Buying Real Estate

Podcast Episode 60:
Timing and the Lender’s Sandbox.”

When you want a mortgage, you need to play by the lender’s rules. Be sure to disclose the facts of your application or risk losing your funding. Timing is key, so leave yourself extra room after removal of final conditions.

Download the audio file HERE and the text/handout HERE.
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Multifamily – Mortgages and Unrented Suites

Podcast Episode 56:
You’ve Got How Many Vacancies?”

This is the story of one investor’s path from single-family dwellings to multifamily properties. Multifamily lenders fund mortgages based on rental revenue. On closing day, every vacancy reduces the amount of mortgage money. What does it mean when two vacancies turn into eighteen vacancies on closing date?

Download the audio file HERE and the text/handout HERE.
(control click or right click + save as). Continue reading