Even seasoned property owners will learn something on this week’s WealthBeing episode. Travis and Derrick welcome Island Savings Branch Manager, Dan Adair, to simplify many of the complex questions we get from people who want, or have, a mortgage. 

1:30–Money Problem:Derrick’s client made a no-conditions offer on a rental property. Unfortunately, financing wasn’t as simple as his client expected. 

4:45– Expert Examination: Derrick, Travis and Dan help you understand what is, and isn’t so, simple when it comes to buying property:  

• which interest rate term to choose; 
• how the “stress-test” affects your mortgage qualification; 
• re-financing strategies to get more money or lower your payments; 
• differences between buying rental and primary residence properties; 
• tax-deduction strategies for rental properties; 
• how to move (“bridge” or “port”) your mortgage to a new property; 
• what happens when you want to exit a mortgage contract early; 
• advice for managing a construction mortgage; 
• two houses, one mortgage – interalias explained; 
• what to do before you apply for a mortgage; 
• how to reduce or avoid mortgage insurance; 
• renting as a retirement strategy. 

22:18– Weekly Financial Fix:getting approved for a mortgage requires good credit; Travis challenges you to get up to speed with your current credit rating. 

If you have an undiagnosed financial concern or want to better understand a financial subject, send Travis and Derrickyour question at islandsavings.ca/wealthbeing, or at [email protected], and we will consider it for a future episode.