5 Strategies to Help You get into the Housing Market!
The housing market is soaring right now, which is great for everyone except those who need a non-traditional bank mortgage. It is easy to get locked out of the housing market if you don’t know how to navigate the lending process. While applying at your personal bank is one option, if want the lowest rates than other non-traditional mortgage options exist like WiiBid while searching for other options that may make homeownership more affordable. Here are a few ways to approach a highly competitive housing market if you are struggling to find a home/obtain a mortgage.
Rent to Own
One of the most challenging aspects of homeownership can be the down payment. Many renters want to secure their first home because they are tired of throwing their money away on rent, but if you don’t have the upfront down payment this can seem like a pipe dream. A rent-to-own property can be the perfect way for this type of renter to get onto the property ladder without a down payment. If you can comfortably afford a house payment but lack the upfront cash, then a rent-to-own property can be a great solution.
Consider Alternative Mortgages
On the other hand, if your credit score is keeping you out of a new home despite a reasonable income and the ability to pay a down payment, you may want to consider an alternative mortgage. Just because your personal bank won’t approve you doesn’t mean that one of the dozens of banks across Canada will not. Online mortgage lending auction websites like WiiBid allow you to fill out one application that banks all over the country can access.
Instead of constantly reapplying, WiiBid secures your data and allows you to view bids from numerous banks in one place. Choose the offer that looks the best and move on to finding a home that fits your mortgage approval. This is a great way to cut out broker fees, and if you have questions along the way the WiiBid staff can help you.
Look to the Suburbs
City rents and property are always high-priced. Even under great economic conditions it always costs more to live in the city than it does in the suburbs. Therefore, if you need a lower mortgage consider looking at suburban markets that offer mass transit options and lower costs. If you work from home multiple times a week, this might even be a great way to save money and get out of the city to raise a family.
Check out Foreclosures
If you need an even better deal to be able to afford a foreclosure and feel comfortable with home repairs and renovation, you might consider purchasing a foreclosure. Oftentimes you need to go to the local court to see the foreclosure list and you may have to purchase a property as-is, but this can be a great way to secure an amazing deal. Of course, you need to always do your due diligence and thoroughly research as much as possible because it can turn into a disaster as well. Some traditional lenders will not offer loans for foreclosures, which is where working with a mortgage auction site like WiiBId can be an excellent option.
Contemplate a Fixer Upper
Finally, if you are not confident enough to purchase a foreclosure but are willing to put some effort into a property, consider purchasing a fixer-upper. Use WiiBid to take out a home improvement loan and once the value of your property is back up where it should be you can refinance your loan and quickly build equity. Depending on your final goals, you can then use that equity to get into a better home.
To find out where WiiBid operates, see our Locations.
To learn more about WiiBid’s innovative digital mortgage marketplace, visit www.wiibid.com
Follow @wiibidcanada for deals and promotions to save even more on your mortgage through