REAL ESTATE INVESTING:
When we're meeting with those wanting to learn about real estate investing, many times they'll ask us what the first steps are. As we are not Financial Advisors or Mortgage Brokers, can only offer information in terms of what we have done for ourselves personally and what our clients and others in our network have done. The best suggestion is to get a referral from us for a highly qualified mortgage professional who understands exactly what it is you want to achieve. We strongly encourage you to work with a mortgage professional who understands and supports your goals. We often say, who is "Investor Focused".
You may have some questions and see below one of the best descriptions we've come across*
Your home equity – your home’s value minus the balance of your mortgage – is available for you to withdraw and invest in a number of ways, including home renovations, additional real estate, post secondary education and much more. You can access up to 80% of your home equity by increasing the value of your mortgage through a refinance.
Other options to access home equity In addition to a mortgage refinance you may also want to consider a home equity line of credit or second mortgage. There are key differences between each loan which are outlined:
A refinance is essentially a ‘re-mortgage’ and allows you to, therefore, access the same interest rates as a traditional mortgage, while a HELOC’s rates are slightly higher than their variable rate counter part. Further, unlike a refinance, with a HELOC all of the funds are not advanced upfront. You can withdraw as you please and only pay interest on the amount you take out. You are also not subject to a refinance penalty. As a third option, you could look into a second mortgage, which may allow you to access more than the 80% loan to value ratio offered through a traditional refinance or home equity line of credit product. Second mortgages are almost accompanied with a much higher interest rate, are not offered by all lenders and thus are less popular. Looking at all three options, you can see there are many factors to consider and the benefits must be weighed against the costs. It is best to speak to a qualified mortgage professional who can help you evaluate your equity refinance options.
Barrie, Orillia and Simcoe County area Real Estate Investing - for Twenty (20) years, Shannon Murree, team and network has the experience, knowledge and connections to help all those interested in creating wealth creation opportunities. We offer strategic solutions and opportunities when you want to make an action plan and take advantage of the Barrie, Orillia and Simcoe County area real estate-market. It's important to have the experienced real-estate investing team on your side.
When you think of real estate investing perhaps think of some big named people like Donald Trump, Robert Kiyosaki, Richard Branson, Warren Buffett, Don R. Campbell, Ellen Degeneres - but think about it, were they always that way? Real Estate investing is not only available to Hollywood Celebrities, NBA Players or Big-Named/Multimullion Entrepreneurs but for everyone. The great thing is that everyone can create wealth strategies with real estate and it all starts with an idea but then, education, strategic planning and most importantly, action. Know however that they didn't do this alone.
So where does Shannon Murree and the team come in? Well, we have the experience and network to help you get started. It starts with asking questions, learning the fundamentals and utilizing our experience and knowledge to get you towards your goals. So, stop thinking about it and let's take action now!
Connect with Shannon and set up a coffee social or perhaps when our next workshop or real estate investing meeting is!