FAQs

Glossary

From the list below choose one of our FAQs topics, then select an FAQ to read. If you have a question which is not in this section, please contact us.
41 results - showing 1 - 15  
1 2 3  
Ordering 
 
How to get lower loan rates.jpg
What is a Vendor Take Back? A VTB or Vendor Take Back is when the seller (vendor) of a property provides you with a some or all the mortgage financing for purchasing his/her property. This type of financing is more common on commercial properties (including multi residential) however you can tap into this strategy on residential purchases. A VTB can also entail the seller covering one or more of your closing costs such as land transfer tax, appraisal, survey or application fees. Why Consider a Vendor Take Back There are many reasons as to why seller-arranged financing may be attractive to you as a buyer: 1. Buying a distressed property. If you are a flipper or looking to buy distressed properties with the mindset of improving/renovating those to increase value then a VTB may come in handy, simply because some lenders may shy away from lending against such a property or may lend at whopping interest rates. When dealing with distressed properties, it is often beneficial that you finance your purchase through a combination of a VTB, Line of credit, your own cash and then approach a lender once you have brought the property to a certain standard. 2. You are unable to obtain Financing through the standard lending sources. Qualifying for a VTB is a matter of negotiating one with the seller while getting a mortgage requires you to qualify with the lender. If your financing application got declined and you have exhausted your...
 
Minimum Down Payment Increase for Home Purchases in Canada Explained
The federal government introduces some changes to down payment requirements for federally regulated lenders. This video breaks down the "old" rules versus the "new" rules.
 
 
 
 
 
 
 
41 results - showing 1 - 15  
1 2 3  
Results per page:  
Category: FAQs
NOI x 10 = Offer price ...
Category: FAQs
Price/numbers of unit
Category: FAQs
NOI - Debt Services 
What is Cap rate
Category: FAQs
One of the most difficult and perplexing problems for...
Category: FAQs
Numbers of unit X 12 Months) : Ex...
Category: FAQs
The summary of the public records relating to the...
Category: Tenancy Laws
If someone wants to live in a condominium unit they...