Part II: Preparing to Buy: Financing Real Estate Investments in .NET framework

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Part II: Preparing to Buy: Financing Real Estate Investments
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Fortunately, courts usually advise an order for sale of the property rather than a formal foreclosure That means more than 99 percent of court-ordered sales are exactly that orders by the court, rather than foreclosures proper
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Financing with Legs: Assumability and Portability
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Some forms of financing can give you a jump on your next property, or assist you in getting into a property you might not otherwise be able to afford These types of mortgages help your financing go farther because on the one hand you can tap financing not otherwise available to you, and on the other you can take it with you when you move on to your next property This section discusses those two types of mortgages, the assumable mortgage and the portable mortgage We don t skirt the topic, so you can see just how their legs work!
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Passing the torch: Assumability
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Assumability allows a mortgage to be assumed by the purchaser of a property, either yourself or the buyer of a property you re offering for sale The buyer will take over, or assume, the obligations and payments of the vendor s mortgage Although you re not actually paying the mortgage, having a clause that allows a subsequent owner of your property to assume your mortgage may allow you to put paid to your obligations under the mortgage The lender can agree to full assumability without qualifications, assumability with qualifications, or no assumability Assumability is an important issue to consider in managing your mortgage A mortgage that other purchasers can assume may increase the range of potential purchasers interested in buying your property when it comes time to sell This is because purchasers who may not otherwise qualify for a mortgage are able to assume your mortgage without qualifications (we discuss this angle briefly in 7) This option allows you to carry a mortgage that suits you, but also pass it off to a new owner when the time comes When someone else assumes your mortgage, obtain a written statement from the lender that granted you the mortgage that clearly states your freedom from liability Without such a statement, the lender is able to go after both you and the person who assumed the mortgage to recover the outstanding debt or any mortgage shortfall after any future sale of the property Make sure you obtain legal advice before allowing someone to assume your mortgage
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8: Cutting Costs: Making Financing Go Further
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Mortgage to go: Portability
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Portability is a feature some lenders offer that allows you to take a mortgage from one property and apply it to another In practical terms, you could save money if interest rates have increased since you bought your previous property an important consideration in managing a mortgage Higher interest rates would mean higher interest payments and a lower available mortgage (Remember, the higher the interest rate, the lower the mortgage amount available to you) Conversely, if mortgage rates have gone down since you bought the first property, you would probably not be at all interested in continuing your existing mortgage Portability is beneficial when you re seeking to trade up, especially in an environment of escalating rates You may even find that averaging the interest rate between the first, portable mortgage and a second mortgage in such circumstances works in your favour if you aren t able to purchase the property you want with a first mortgage alone Talk to your mortgage broker and, if you wish, your accountant and financial planner to see if a portable mortgage can take you places A portable mortgage helps investors manage costs by giving them access to a better interest rate in an environment where rates are rising Although it can be a liability in a period of declining rates, work with your advisers to determine the best option for you in a given market
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