Making Your Home Purchasing Dreams A Reality Todaysmt-0079admin
You, too, can live in a home of your choice, on a street that you’ve always wanted and pay exactly what you wished to pay.
Sometimes our dreams feel so out of reach that we put them aside, postponing them for later and hoping that they will work out some day. When you work the numbers and build a strategy, though, your dreams can click into place. At this point in time, wishes and wants are translated into an action plan with numbers that you can see. The steps that you’ve always seen as obstacles begin to transform into the vision that you’ve always held for your future. Shirley tells us her story of making her dream a reality.
Shirley bought her house in one of the furthest suburbs of Vancouver eight years ago, living there with her husband and kids. Circumstances have changed and Shirley, a gifted photographer, kept a dream to move to the heart of Vancouver, near the photography academy in the midst of the urban city.
Shirley, a self-employed woman, was in a phase between jobs, seeing that her dream drifts away. On one hand she was not able to show enough income to support a mortgage, possibly needing to wait, while on the other hand the prices stated to rise, making the lovely condo dream seem unattainable. On top of that, Shirley had to start with selling her current house to retrieve the down payment, and the falling prices in the suburbs did not help her situation.
Shirley entered our office sceptical about her ability to overcome these obstacles, but she still left with a plan. Before she even started, we found her a few lenders who were willing to give her the best terms and rate while accepting her income as is. Before she listed her house for sale she found her dream condo with her realtor, one with a room for each kid, an unbelievable view of the mountains and the price was in her desired range.
Shirley was ready to act, but to her disappointment the sale of the house was slow and she had to make a decision: should she buy immediately or wait? She knew that if she committed to the purchase then, she might find herself stuck with a higher mortgage and unaffordable monthly payment, while if she sold, she would get a big chuck of money that she won’t be able to use to reduce the mortgage.
In most banks the option of prepayment without any penalty is limited to 20% every year, and Shirley was expecting more than 20%. On top of that there is sometimes a limitation to make the prepayment only on anniversary, and even then there is no guarantee that the monthly payment would be adjusted accordingly. Shirley had just begun her own successful business, and was reluctant to commit to an unrealistic monthly payment.
This was a tough call. We contacted the lenders and worked out some possibilities with them. We negotiated the mortgage and narrowed down our list to only lenders that were willing to absorb the coming prepayment with a minimal cost, reducing the monthly payment respectively. At this point Shirley was ready to put an offer on her desired condo.
After this, everything went by quickly and according to plan. Shirley got the condo, and a month later, sold the one in the suburbs. Two months after the sale she received the sales proceeds and deposited it. Shirley was surprised to see how smooth and painless it was. All she needed was to do one deposit and give a phone call to confirm that the monthly payment had been reduced
Every day, Shirley walks the bridge that connects her neighbourhood to Downtown Vancouver, proud of her ability to act quickly and lead the way in her purchase. If she had waited just one more month, she would not have been able to purchase the house she has today. Her friend, who also wishes to live in the area, cannot find these houses any longer, as the prices have gone up majorly since then
If you feel that you deserve a professional team to lead your strategic purchase plan and to be with you every step of the way, call Rinat today.