Our Mortgage | Our Family
Okay, So I've never really gone into detail before on our "process" when it comes to why we decided to buy/build the properties that we have over the last 8 years. I've recently partnered up with BMO, and we wanted to talk about why it was important for me & my family to take these steps with mortgages. First & foremost I'd like to say that getting approved for a mortgage isn't "easy", but it is worth it!! SO, with all of that said let's go back to our first purchase. I was 21 & Ben was 24 years old. I was 1.5 years into my Real Estate business and we decided that we liked the idea of buying a home. What I learned at the time, being self-employed.... you needed to show 2-3 solid years of financials to get approved for a mortgage. So what did that mean for us? It meant a co-signer in the beginning & we were okay with that because we had some goals in mind.
This is our first home. My father had started building this home, and 2011 was a different market than we are seeing right now. He hadn't found a buyer yet & he offered for us to buy it a decent price so it would allow us to build some equity in our first home. (Ben is going to kill me if he discovers this blog post & the cute photo I'm posting below - but he put a lot of work into our first home.) Also, it's SO funny to see how far we've come with our style & decor but hey! You learn as you go right?
Two years later we sold this home & moved on to building a home with a legal basement apartment. We've always talked about starting our rental portfolio, and this is the easiest way to get a mortgage for a rental. We built this next home ourselves, so we ended up having 20% in it, however if you are interested in investment properties this is one of the easiest ways to get started with a mortgage. Why is this easier? #1. So long as you are occupying this property as your personal residence (by living in one of the living spaces), you are only required to have a 5% downpayment. This is an awesome way to have rental income to contribute towards your monthly mortgage payments. And as of right now, you can use up to 50% of that proven rental income from the unit - towards your approval as a whole. (Awesome I know!!)
So THIS is what I meant by it's not always easy but it's worth it. We have now lived in our "not dream home" for 3-4 ish years. We are currently busting at the seems but we needed to do this in order to get to our Step 2 of our mortgage story. (Stay tuned for that).
If you want to check out more information about how you could get started with a mortgage check out the following BMO link (or send me a msg!) The first thing you'll want to think about is your downpayment!
BMO Link about downpayments here: https://www.bmo.com/main/personal/mortgages/downpayment/?ecid=sm-Us47302MTG4-HTBMO17&dclid=CI2z6vLPleoCFVj9yAodpRkLiw
Our Current Home