If you have excellent credit you will have the least amount of hurdles to jump through. When dealing with mortgage companies in Langley, White Rock and Surrey are discussing your creditworthiness They are generally referring to your FICO score,looking at your credit. This refers to the combination of the three credit institutions and is typically standard for coming up with whether or not they may lend you money.

You will have access to the best loans and more negotiating room with a FICO score above 710,when looking at your credit score.

The investor now has many different loan options available to him when purchasing investment property in Langley, White Rock and Surrey. There are even some loans that will cover the total purchase price however, with the current credit situation they are far and few between.

There are many options available even if your credit is not up to par. You may be able to negotiate the seller carrying a second mortgage on the property in Langley, White Rock and Surrey.

In this case let’s say you negotiate a price both you and the seller are happy with. You get 80% through a bank or lender and the owner agree to finance to other 20% for you as a term of the contract.

It is easier to get a loan for 80% of the purchase price. If you have negotiated a price below market value,this is especially true. Maybe you negotiated a sale price of $100.000, compared to an actual market value of about $127,000.

Using this example the lender that loans the money just took far less of a risk in making their decision. So their risk is much less.

andrew@yourperfecthome.ca

Langley, Surrey, White Rock Realtor

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