There is one amaz.ing statistic definitely worth taking in if one is looking to become financially independent. Seven out of 10 millionaires get their start from purchasing real estate. The beauty of this is that borrowing money for a mortgage keeps becoming easier and easier in Canada, now that you can purchase an investment property for as little as 10 percent down while receiving discount interest rates. This has opened the floodgates for so many more people motivated to become the next Donald Trump.This new 10 percent down product is ideal for those homeowners who have equity existing in their principal residence or, of course, have the 10 percent down in assets in cash or can liquidate. If you own a home that has built up equity over the last few' years, you can pull out funds that are sitting in your own place of residence and use them towards the down payment and all closing costs that will be incurred from your new investment purchase. This can be done in the same way as a refinance or "Debt Free in 10 Days" article 1 wrote about in the January 2007 issue in which funds were pulled out to take care of high interest debt that typically can eat up one's net worth. I have clients that use this program for purchasing a variety of different types of property in und around the Vancouver market as well as throughout Canada in which they, along with their realtor, think have strong value and investment potential over the next few years. The types of property that can qualify are detached homes or semidetached, condos or four unit complexes, existing properties or new property with self-contained units. The amortization (the length of time it takes to pay off a mortgage) can also be up to 40 years.
Of course, this helps keep your monthly bottom line down but one can make extra payments per month, as well as lump sum payments annually. Fully discounted wholesale interest rates, adjustable as well as fixed term intcrust rates are in the cards as well. All this can be done with only average credit.