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Mortgage & Refinancing Information |
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Student Home Purchase Plan
Tuition costs are climbing, housing costs are climbing, it seems like all the costs for students are climbing these days. Students can afford cost increases less than any other demographic in Canada. Because of this, parents and students alike are looking for new ways to offset the costs of education. Student loans can be used to defer these costs to some extent, but they need to be repaid after graduation. It's difficult to climb the corporate ladder or get ahead in life when you have $30,000 worth of debt before your first job is even found! Bursaries, grants, and scholarships are another great source of funding for a student. However, the amount of money available is thinning, and the competition is growing stiffer for this money each year. The average student, over a 4 year degree, pays over $16,000 in tuition and books. Housing costs approximately $38,000 for a 4 year degree. This is based on rent of $800 per month for 48 months. This means the total cost of education for a student is over $54,000 before paying for any clothes, food, or recreational expenses. Given that the average student doesn't qualify for more than about $9000/year in student loans, this means an average student needs to find over $18,000 during their 4 year education career to be able to go to school. Not to mention the cost of food and clothes. So how does a student get ahead in life, avoid massive student loans, and still get an education? Many parents have been turning to Real Estate as a solution for a solution. Let me explain what they're doing? When their first child enrolls in university, the parents purchase a small home with easy access to the University. The more bedrooms the better! This opens many possibilities for the parents, as well as the students. First, the property will likely appreciate in value, presenting the parents with equity that can later be used to repay student loans or their own personal use. Second, the rent the student would have paid to a landlord or dormitory is being used to repay the mortgage, creating more equity in the property. Third, being a rental property, the tax benefits of the property are fabulous. Any interest paid on the mortgage is a write-off. Maintenance and improvements, as well as taxes and often utilities, are expenses that can be written off. Fourth, there is the potential for additional tenants. Suppose you were to purchase a 3 bedroom bungalow for approximately $150,000. The cost of the mortgage would be approximately $900; based on a 5.5% 25 year mortgage with 5% down payment. That's just $100 dollars more than rent on a typical 1 bedroom apartment close to the University of Alberta right now. Your child finds 2 roommates to share expenses with. They each pay you $600 per month; the tenants are then saving $200 per month over the cost of renting an apartment. A good deal for them! Your total revenue on the home is $1200 per month. Your child lives for free, and clears $300 per month, which can be put towards living expenses and spending money. Now your child can go to school, not work, and focus on studying. What if you were to finish the basement with an additional 2 bedrooms? That would essentially double your income, or allow you to "clear" $1500 per month. Your child gets $500 per month for expenses and living, and there's an additional $12000/year ($100/month) to be put towards tuition, books, and other university expenses. Let's look at this again, using 2 family as examples. The Smith's and the Jones'. The Smiths send their son, Steve, to university for 4 years. He rents an apartment in residence for $800 per month while going to school. His tuition, including books, is about $4000. Spending money, clothing, and food costs are approximately $500 per month. So Steve's annual costs are approximately $20,000 annually. Student loans and scholarships (assuming Scott qualifies) cover approximately half of this, leaving him and his parents to cover the rest. Scott has to get a part time job to pay for some of it, and work full time in the summers to help. The Smiths struggle through, using their savings and hard work to get through a tough 4 years. When Scott graduates, he has to start repaying is $30,000-$35,000 in student loans. He'll be making that payment for the next 10 years? Now let's look at the Jones'. The Jones' purchase a home close to the school for their daughter Sally. They make a 5% down payment ($7500) on a home worth $150,000. It has 3+2 bedrooms. Their daughter lives in 1 room, and manages the rest of the tenants in exchange for free rent and a monthly allowance of $500 to cover her living expenses. Each of the additional 4 rooms are rented for $600 per month including utilities and laundry. A great deal for ANY student. Each month Sally collects the rent from her 4 roommates, totaling $2400. She keeps her $500, and deposits the rest into a bank account dedicated to the property. The mortgage and taxes get paid each month from that same account. Together, these cost $1100 ($900 for the mortgage and $200 for the taxes). That leaves an end-of-the month profit of $800 for the property. That money just sits in the account in case of emergencies, repairs, or other unforeseen expenses. Remember, the taxes and interest on the mortgage are tax write-offs at the end of the year for Mr. & Mrs. Jones. At the end of the first year, September to December, there is $3200 worth of cash in the bank account, or roughly 50% of the initial down payment. Sally is happy because they can use that money to pay for Sally's 2nd semester tuition without any student loans, not to mention that she hasn't needed to work a job while going to school. Mr. And Mrs. Jones are happy because of the great tax write-offs they get from the property, plus Sally has no excuses for not getting good grades. Over the summer, the house pays for Sally to take some extra curricular courses, or perhaps do some traveling. Maybe she even just lounges around the yard and does nothing. She has options because she doesn't have to work. By the start of September of the next year (beginning of Sally's 2nd year at university), the Jones' have collected $6400 in revenue from the property. Sally's tuition for the next semester is paid, so are her books and she's living for free. The cycle continues for the rest of her time at university. At the end of the 4 years, they have profited over $20,000 in cash after all expenses. They have also been paying down the mortgage and the property has likely increased in value. Sally hasn't worked a single day while at school, she has absolutely no student loans, and is fresh and ready for the work force. She's carrying no debt, so she quickly gets ahead in life. Sally graduates with honors because she could focus on her studies and not worry about making money for school. Total investment from the Jones': $7500 in the initial deposit plus Sally's first semester tuition of approx. $2000. Total profits; $35,000 in cash and equity. Is it any wonder why we're all trying to keep up with the Jones'! But it doesn't stop there? The Jones' now have to figure out what to do with the property. Sell it? Sure. They would net a tidy profit from the home. Remember, the mortgage has been paid down for the last 4 years, as well as the value increases of the home over those 4 years. But let's say they keep the home and rent out the entire property to students. Their total revenue could be as high as $3000 per month, or $1900 after mortgages and taxes. And that's assuming that the rental rate hasn't gone up over the 4 years? If you were the Jones', you could go to www.mercedesbenz.ca, pick out his and hers Mercedes convertibles, and not pay a dime for them. The leases would be covered every month by the $1900 in revenue. For being such great parents, and paying for your child's entire education, you deserve a couple of convertibles don't you?!? All figures are approximate, and provided as examples only. Some properties may not perform as well, while some may perform better. To select a good investment property, contact a real estate professional like John Carle and Sharon Gregresh. We do not guarantee good grades for your children at school. About The Author John Carle & Sharon Gregresh are Realtors with Royal LePage - ArTeam in St. Albert, AB. They pride themselves on providing more than just real estate sales and listings. Their clients benefit from a much larger spectrum or real estate services. Contact them any time at information@workingtogether.ca or through their website at www.workingtogether.ca. They can be reached by phone at (780) 458-5595
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VA loan series: VA vs FHA vs USDA | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports VA loan *service* requirements are important when it comes time to get a VA mortgage. Depending on your *service* status it's possible to avoid funding fees. Loose Lending Standards Are The Cancer Not The Cure Seeking Alpha The Bank of Canada last week flagged the fragile nature of highly indebted Canadian households and said 42% of households would struggle to refinance their ... US News: How and Why to Refinance a Reverse Mortgage Reverse Mortgage Daily Refinancing an existing reverse mortgage into a new and potentially better one could be an option that works for some senior homeowners, but it's not a ... HARPing on Fannie Mae, Freddie Mac Refinancing The MReport First American Financial Corporation reported that Fannie Mae and Freddie Mac completed 234,716 refinances in Q1 2019, with 901 loans refinanced through ... 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National Mortgage News The shift to nonbank lenders will put the breaks on non-qualified mortgage and home equity line of credit origination growth. HELOC: Understanding Home Equity Lines of Credit NerdWallet A home equity line of credit, or HELOC, is a second mortgage that gives you access to cash based on the value of your home. You can draw from a home equity ... Mortgage rates climb for Monday Bankrate.com Several benchmark mortgage rates notched higher today. If you haven't locked yet, see how your future mortgage payments could be affected. Rotich to unveil mortgage refinance company today Business Daily Kenya's first mortgage refinancing company that will make it easier for banks to access long-term funds for cheaper home loans will be launched today after 20 ... 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GDP Growth Called "Transitory" While Low Inflation Appears Permanent Mortgage News Daily While calling the recent report on real gross domestic product (GDP) the strongest first quarter in four years, Fannie Mae's Economic and Strategic Research ... Refinance rates trend higher for Saturday Bankrate.com Multiple key refinance rates climbed today. See what that means for your refinance. In mortgages, these banks zigged while many others zagged National Mortgage News While regulation and nonbank competition are spooking some banks, others believe low funding costs and the right relationships can help them succeed. 'Now Is The Time To Refinance': Low Mortgage Rates Cause Surge In Refinancing Forbes Last week's massive dip in mortgage rates apparently pushed homeowners into action. According to new data from the Mortgage Bankers Association, ... Is a No Closing Cost Mortgage Right for You? U.S News & World Report Money A no-closing-cost mortgage conserves cash upfront when borrowers buy or refinance a home, but you will pay more interest over the life of the loan. How to Get a Mortgage for a Rental Property U.S News & World Report Money Mortgages for a rental property are different from home loans for your primary residence. For example, the interest rates for a rental property may be higher. How to Refinance a Small Business Loan U.S News & World Report Money Refinancing a small business loan, compared with a mortgage, has a few more steps and may require as much documentation as your initial business loan. May Fed Meeting: Mortgage rates fall as the Fed maintains "patient" stance | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports The third Fed meeting of the year adjourned on May 1 and mortgage rates are benefitting. The group continued on the “patient” path as far as future rate hikes. 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Refinance your mortgage with peace of mind. These are the best (and worst) reasons to refinance your mortgage Bankrate.com Whether you've owned your home for a short time or you've had your mortgage a bit longer, a mortgage refinance involves careful consideration. After all, you'll ... LO, AE Jobs; Broker and Warehouse Products; Conventional Conforming News Mortgage News Daily What's going on behind the scenes and in the rumor mill at the MBA's Secondary Conference? There is derision about HUD's Ben Carson not knowing what ... 5 Signs It's Time To Refinance Your Mortgage Forbes You've probably heard that refinancing your mortgage can save you money. While that's true in many cases, refinancing needs be done at the right time in order ... What to consider before determining whether to refinance your mortgage Washington Post REAL ESTATE MATTERS | For a home-run refinance, try to find a deal that helps you do these four things: lower your interest rate, shorten your loan term, lower ... Mortgage refinance checklist: what you need to refinance your home | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports This handy mortgage refinance checklist tells you what you need to do before refinancing. Get your paperwork in order and know your refinance goals to speed ... The main reason to refinance your mortgage: Save money Chicago Tribune A substantial drop in interest rate on a fixed rate mortgage could save you money with a refinance. But you must factor in closing costs on the transaction. Mortgage refinance applications hit 18-year low CNBC Mortgage refinance applications hit an 18-year low. With no major move in interest rates and continued weakness in home affordability, there was not a lot of ... Refinance mortgage rates mixed for Saturday Bankrate.com Refinance rates were mixed today. See what that means for you if you're in the market for a mortgage. Refinance mortgage rate drops for Tuesday Bankrate.com Refinance rates were mixed, but one key rate trended down. If you're shopping for a refi, see how that could affect you. Cash-out mortgage refinancing: Here’s where homeowners are using it most Bankrate.com Homeowners who snagged a low-interest mortgage in recent years generally avoid refinancing the loan because interest rates are higher now. When they need ... Still haven’t refinanced your mortgage? You still have an opportunity to save big Bankrate.com Mortgage rates seem to be the only thing that's affordable in today's low-inventory, high-priced housing market. This is good news for both homebuyers and ... Homeowners are rushing to refi mortgages as rates drop The Real Deal Homeowners throughout the country are looking to refinance their mortgages thanks to lower borrowing costs, contributing to a sharp government bond rally. Did you refinance your home mortgage last year? You can still qualify for often-overlooked deductions MarketWatch f you refinanced your home mortgage last year, you may be in line for some often-overlooked tax deductions on your yet-to-be-filed 2018 Form 1040. What You Should Know About Mortgage Programs for Teachers U.S News & World Report Money A number of local, state and federal programs offer eligible teachers steep discounts on homes and attractive mortgage terms. Refinance mortgage rates mixed for Thursday Bankrate.com Multiple benchmark refinance rates were flat today. If you're in the market for a mortgage, see how your payments might be affected. Shannon Christenot Is The Go-to Mortgage Broker In Los Angeles, CA - Press Release - Digital Journal Shannon Christenot Is The Go-to Mortgage Broker In Los Angeles, CA - Press Release Digital Journal Shannon Christenot has been helping clients with their home purchase or refinances needs in and around Los Angeles. Refinance mortgage rate slides for Wednesday Bankrate.com Refinance rates were mixed, but one key rate declined. If you're in the market for a mortgage, see what that means for you. Refinance mortgage rates mixed for Monday Bankrate.com Refinance rates were mixed today. If you haven't locked a refi yet, see how your future mortgage payments could be affected. Mortgage rates drop below 4.5%. Homeowners scramble to refinance | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports There is a quiet refinance boom brewing, as mortgage rates sink to 9-month lows. Not since April 2018 have rates been this low. Freddie Mac, in its weekly ... Refinance rates trend higher for Monday Bankrate.com Several key refinance rates floated higher today. See what that means for you if you're in the market for a home loan. 5 million homeowners suddenly "in the money" to refinance | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Millions of homeowners could now save each month on their mortgage payments, according to a new report. That's because they're suddenly “in the money” to ... Gatehouse Bank launches first five-year fixed Islamic mortgage Wealth Adviser Gatehouse Bank has launched its first 5 Year Fixed Home Purchase Plan (HPP) product alongside rate cuts across its other fixed terms. Refinance rates rise for Friday Bankrate.com Multiple closely watched refinance rates notched higher today. See what that means for you if you're in the market for a home loan. Refinance mortgage rate eases for Monday Bankrate.com Refinance rates were mixed, but one key rate slid lower. See what that means for you if you're in the market for a home loan. Freddie Mac Enhanced Relief Refinance (FMERR) 2019 guidelines, rates, and benefits | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports The Freddie Mac Relief Refinance Program (FMERR) allows homeowners to refinance with little or no home equity. Home value dropped since you purchased? How should I apply for a mortgage refinance: in person, by phone or online? | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports You can apply for a mortgage refinance in person, over the phone or online. Just make sure that the company is legitimate before providing personal information ... Refinance rates move higher for Wednesday Bankrate.com Multiple key refinance rates notched higher today. See what that means for your refinance. Refinance mortgage rates mixed for Tuesday Bankrate.com Refinance rates were mixed today. If you're in the market for a refi, see how that could affect you. Should You Refinance Your Mortgage? Forbes Evidently many mortgage borrowers fail to understand that mortgage refinances have a variety of possible purposes, and their success depends on a variety of ... How to refinance to pay off a mortgage faster | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports You probably have a number of ways to pay off a mortgage faster. You can refinance to a shorter term, pay more on your existing mortgage or free up your ... Refinance mortgage rate dips for Saturday Bankrate.com Refinance rates were mixed, but one key rate declined. See what that means for you if you're in the market for a home loan. Mortgage application increase led by higher refinance volume National Mortgage News Mortgage applications increased last week but unlike the prior period, it was driven by refinance volume as interest rates fell to a one-year low, according to the ... Refinance rates trend higher for Wednesday Bankrate.com Several closely watched refinance rates notched higher today. If you're in the market for a home loan, see what that means for you. Westpac Singapore's Mortgage Exit Leaves Borrowers Hanging finews.asia Westpac Singapore's decision to exit from the mortgage business is leaving borrowers in the lurch. Leading Efforts to Deliver Affordable Housing THISDAY Newspapers John M. Agbokpile To tackle the housing crisis, a concerted and collaborative approach is required. This explains the multi-layered efforts of housing ... Refinance rates rise for Thursday Bankrate.com Multiple closely watched refinance rates trended upward today. If you're in the market for a refi, see how your future mortgage payments could be affected. Refinance rates decline for Thursday Bankrate.com Several benchmark refinance rates decreased today. See what that means for your refinance. Refinance rates retreat for Wednesday Bankrate.com Multiple benchmark refinance rates sunk lower today. If you're in the market for a mortgage, see what that means for you. Refinance rates ratchet higher for Friday Bankrate.com Several closely watched refinance rates advanced today. If you're in the market for a home loan, see how your payments might be affected. Couldn't qualify to refinance last year? Lenders more likely to say yes in 2019 | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports If you have been wanting to refinance but had a hard time getting approved, 2019 might be your year. Lenders are allowing higher debt-to-income ratios, ... |
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