Welcome to this episode of The Real Estate Mortgage Show! How is the real estate industry at this point? Is it wise to buy first and then sell, or do you want to take a risk? Are there any possible alternatives for financing a property? Today, Walter Monteiro answers these pressing questions, the “disruptions” in the real estate industry and why it’s crucial to listen to your mortgage professional.
Standout Quotes:
- Lean on your mortgage professional to guide you through the real estate process. – Walter
- Remember, there are still not a lot of homes for sale. Canada is letting in 400,000 new Canadians into the country every year. A large majority of them don’t leave the Greater Toronto Area. – Walter
- Everybody has been giving you the advice that you should buy first before you sell. Because when you sell your home, you have nowhere to move to. – Walter
Key Takeaways:
- If you decide to buy a property, ensure that your finances are in order. You need to have multiple plans at your disposal if one plan doesn’t work.
- Walter advises being cautious when converting mortgages to a fixed rate. You either write it out or lock in shorter terms for a lower rate.
- It is better to choose real estate over money sitting in a bank because inflation erodes money’s purchasing power.
- If you can’t leverage bridge financing, you can go for private financing. However, keep in mind that private financing is not cheap.
Episode Timeline:
[00:00] – Introduction
[01:58] – What’s happening at MLS right now?
[02:55] – Bank rate increase in Bank of Canada
[03:33] – Mortgage conversion
[05:38] – Bridge Financing
[06:00] – Financing Alternatives
[07:14] – The effects of Inflation
[07:47] – Walter’s prediction
Phone: 519-240-0360
Email: walter@maximumresults.ca
