Investing in real estate can be highly rewarding. Whether you choose to hold a rental property for passive income or flip houses for an active income, this form of investment is worthwhile if you have the time, capital and expertise to make it work. When investing in real estate it is important to have a team in place that will help ensure you are investing in quality deals that you will be successful with. Your team may consist of a realtor who understands the marketability of a property, connecting with a wholesaler who will find you a deal on a property and set you up for success, trades people who can execute the renovation plan and a financing partner such as Calvert Home Mortgage; offering a unique flip financing product, expertise and tools such as our Flip Analyzer to assist in funding successful flip projects. We will focus on the value of using a Wholesaler in this article. Continue reading Investing in Real Estate with a Wholesaler
A Mortgage Broker approached Calvert Home Mortgage requesting a Second Mortgage for his/her mother (“client”) for the purpose of consolidating debt. The client required the mortgage to pay off her high credit balances which were impacting her Credit/Beacon Score. Her credit was good, but Beacon was low due to high balances compared to credit limits. She made all of her payments over the last 2 years and had all “R1’s” on her Credit Bureau. When the file was initially presented to Calvert, the client’s Credit Score was 567. Continue reading Drastic Credit Score Increase After Consolidating Debt
Collateral mortgages are pushed heavily by the banks because they benefit the banks. What’s wrong with them from a consumer standpoint? Nothing, provided you never need to borrow money in a second mortgage position, if you never get into trouble with your payments, or with any of your debts with that bank. Collateral mortgages tie you to your bank Continue reading Breaking Bad With Collateral Mortgages
The borrower was a middle-aged gentleman who owned a condo in downtown Calgary with a small first mortgage through a major bank. He had become unemployed due to the poor economy and was receiving Alberta Works Social Assistance, only a fraction of what he was earning while working. He was living off minimal income, was relying on credit, struggled with payments and depleted his savings.