First Mortgage Advice

Discussion in 'Retirement Planning Forum' started by jaclyn56, Apr 8, 2016.

  1. jaclyn56
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    jaclyn56 New Member

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    Hi all, I just let me know if my thoughts are on the right track or not. I'm 49, and in 5-6 years I'm planning to retire, but as I was thinking of retirement and after, I think there is somethings to be done for the life after retirement. Even though I have enough for the rest, I wanted something to get me engaged and also, enjoy.
    So I'm thinking of a investment and I think I would take up a mortgage. Never had one and it's the first time. So, is there any chance that the mortgage are available for oldies like me? I'm talking of a 15 year period mortgage.
    I checked few mortgage options, and also was going through a mortgage calculator (Canada Mortgage Direct (Calgary) - Calculators) and was checking the rates and affordability. Looks like it can be easily managed, but the real question is whether or not the mortgage will be sanctioned? Can someone help me on this? Is there something I should be aware of?
     
  2. louiefrias
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    louiefrias Well-Known Member

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    Hello!

    I'm not entirely clear on what your question is. When you say "...take up a mortgage". Can you be more specific? I've been in the real estate brokerage and financial services space for a lil' bit...check my credentials via my website. Maybe I can help. Thanks.
     
  3. marindependent
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    marindependent Well-Known Member

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    I also don't understand.
     
  4. Rick Deckard
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    Rick Deckard Well-Known Member

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    Are we operating under the assumption you purchase a property for investing?

    Single Family Home or 2-4 units?

    1. Who is going to manage this place? Pick up rent checks, vet the renters, etc? Can run your costs up so check this out prior.

    2. How much energy and time are you going to devote to finding the very best investment property? My advice is you buy an up and coming home/neighborhood that runs along or side by side an already established nice section of town. Location, Location, Location, cannot stress it enough.

    You must do a lot of research and go touch the property yourself to see first hand what kind of condition it is in, repairs needed, cost estimates vs actual return on the repairs, home inspection most important.

    3. How much time have you really invested? I'm going to take up a mortgage sounds pretty loose, that need to be tightened up a lot. Are you in the United States?
     
  5. DHK
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    DHK Well-Known Member

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    You seem to be spamming... yes, that is true!
     

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