Frank Tu - Triumph Financial

What happens when you co-sign for your child’s home purchase? 🏠

With prices up so high over the last 2 years, this is increasingly more common.

What I really aim to do is try to get the parent off the mortgage within 2 years.

Why?
Because if the parent needs to make their own big purchase in the future, and their name is still on the mortgage…
They can have difficulties getting approved. 👎

So, while co-signing for your child can be a great way to get them into the market, you should plan ahead so they can take it on themselves in the short-term.

Make sense?

Hope so. Let me know 👇
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New home in the new year? Read this 👇

Here are 4 smart strategies for first-time home buyers 🏡
1️⃣ Don’t let a ‘fear of missing out’ (aka FOMO 🤓) be your primary motivation.
I know it’s difficult in today’s climate, but it’s more of a buyer’s market right now.
You should definitely be putting conditions on your offers!

2️⃣ Get pre-approval. A pre-approval will let you know what your MAXIMUM purchase price is.
This means you will know what your budget should be and what you have to work with.

3️⃣ Speaking of budgets… budget for extra costs.
If you’ve saved up enough money for a down payment – keep saving an additional 2-3%.
You MUST make sure you can afford additional costs that come with home ownership, otherwise, you may be too stretched in hard circumstances.

4️⃣ Consider getting help from immediate family!
Did you know that family members can ‘gift’ money to go towards a down payment?

And being family, you can come to an agreement on terms much easier than with a bank.

💥 It’s an incredible achievement getting into the housing market.
👉 And I’m here to help you get there the right way!

Whether you’re just beginning your search or already looking at offers, I am here to work WITH you to make sure you’re getting the best possible solution for your needs!
I’m just a quick DM away! 📩

Monoline lenders – everything you need to know! 👇
“Mono” means “one”. So, it’s a “one-line” lender.
And that one-line is mortgage lending.

As a mortgage professional, my only job is to get you the best mortgage for your situation.

And to do that, I work with dozens of lenders including several monoline lenders. 💪

Monoline lenders aren’t private lenders, but rather an ‘alternative’ lender.
❓ What’s the difference between a bank and a monoline lender?
--> A bank lends you money from other customer’s deposits.
--> A monoline lender lends you money from funds pooled from investors.

Why a monoline lender might be best for you:
1. Better rates
2. Lower penalties
3. Easier to transfer
Monoline lenders have much lower overhead costs, which means more competitive rates.

Monolines also don’t have posted rates like banks do and often times a bank’s penalties are based off posted rates.

And when renewal time comes, the cost to transfer your mortgage to another lender is typically much cheaper if you find better terms elsewhere.

💥 Most monoline lenders are only available through mortgage brokers…just another reason why brokers are better than banks!

📩 Reach out to me to review of all your lender options for your next mortgage – be it a new purchase, refinance, or renewal!