14 Methods of Financing the
       Purchase of a Home

1. Cash.
2. Cash to an existing First Mortgage.
3. Cash to an existing First mortgage and existing Second Mortgage.
4. Cash to a new Conventional Mortgage up to 80% of the sale price.
5. Cash to high ratio First Mortgage of up to 100% of the sale price.
6. Pay a fixed amount in cash; arrange a new First Mortgage for up to 80% of the sale     price of the property and have the owner take back a Second Mortgage for the balance of the purchase price to hold as an investment.
7. Pay a fixed amount in cash; arrange a new First Mortgage for up to 80% of the sale price of the property and have the owner take back a Second Mortgage for the balance of the purchase price to sell at a discount.
8. Pay a fixed amount in cash; assume an existing First Mortgage and have the purchaser arrange a Second Mortgage for the balance. The disadvantage in this case would be that the interest rate on the Second Mortgage would always be higher than a “Vendor take back” Second Mortgage.
9. Owner takes back a First Mortgage for up to 80% of the sale price to hold as an investment and the purchaser pays the balance in cash.
10. purchaser pays a fixed amount in cash; the Vendor take back a First Mortgage for up to 80% of the sale price and sells it at a discount.
11. purchaser pays a fixed amount in cash; the Vendor takes back a First Mortgage for up to 80% of the purchase price and a Second Mortgage for the balance and sells one or both at a discount.
12. Increase a small down payment to the amount required to assume an existing First Mortgage by putting a Mortgage on another piece of property the purchaser may own.
13. Accept another piece of property in trade as the down payment on the property being sold.
14. Borrow all or a portion of the down payment from:
     Bank on the strength of a personal note or Collateral
     Credit Union
     Cash value on Life Insurance
     Relatives
 

             Amir Fazli
     - Sales Representative -
     amir.fazli@century21.ca

Heritage Group Ltd., Brokerage

7330 Yonge Street, Thornhill, Ontario L4J7Y7

Office 905-764-7111
     Tor   416-798-7133                       
Fax  905-764-1274

Cell 416-838-9669

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