Helping families achieve their real estate dreams is incredibly rewarding. Recently, I assisted a family in up-size to a new home much sooner than they expected, by leveraging the equity they had built up in their current property. Initially, they believed that moving to a larger house was years away due to the financial constraints of funding a new deposit, but they had a new born on the way and wanted to browse all available options. By remortgaging their existing home, we were able to release a significant amount of equity. With the increased market value of their property and a substantial portion of their mortgage already paid off, they had ample funds available. The remortgage process was straightforward. We obtained a new valuation of their home, secured a favorable remortgage deal, and freed up the necessary funds. This enabled the family to make a competitive offer on their desired new home without the pressure of selling their current property first. The result was a smooth and expedited transaction, allowing them to settle into their dream home much sooner than anticipated. By unlocking their home’s equity, the family turned their dream of upsizing into a reality. If you’re in a similar situation, consider remortgaging to release equity—it could be the key to moving into your dream home faster than you think.
Good afternoon Emily, Thank you for reaching out to me. I am happy to answer this one! Due to the rise of interest rates conventional mortgages are less appealing than previous years. When a seller owns a property outright they are in an advantageous position to creatively finance a buyer with seller financing. This essentially means that the seller becomes the bank. The buyer does not need to go through a traditional lender for a loan and can deal directly with a seller. It is a win for everyone. The buyer gets the property with a better rate. The seller offloads their property and will be paid in monthly installments with interest which gets them more money than a singular lump sum (which would be heavily taxed). Perfectly legal and everyone wins! I hope that helps! If you use my quote please link to my site: BestTexasHouseBuyers.com Thanks! v/r, Mark
One creative financing solution I facilitated involved utilizing a vendor take-back (VTB) mortgage. In this case, the seller agreed to lend the buyer a portion of the purchase price, which acted as a second mortgage. This arrangement was particularly beneficial for the buyer who had difficulty securing full traditional financing due to a lower credit score. By negotiating favourable terms with the seller, we structured a VTB mortgage that covered 15% of the home's price, allowing the buyer to secure the remaining 65% through a conventional lender, along with their 20% down payment. This solution not only helped close the deal quickly but also provided the buyer with an opportunity to improve their credit score and refinance in the future under more favourable terms.