Mortgage Strategies

Anyone can sell you a mortgage...we will show you how to use it effectively!

At First Foundation we don’t want to sell you a mortgage. In fact, we pride ourselves in not “selling mortgages” but, rather, offering great mortgage strategies and solutions to you, and then helping you pick the best mortgage product to suit your needs.

Mortgage Strategies That Work:

Here are a number of great mortgage strategies that have worked well for our customers in the past. We continually update this section as new strategies come out and new solutions are presented. We also seek to innovate in areas like this because with good planning and the right guidance almost anyone can save themselves thousands and thousands of dollars.

1. Smith Manoeuvre

The Smith Manoeuvre is a creative tax strategy that allows you get tax refunds from the Canada Revenue Agency, pay off your mortgage faster, and build your investment portfolio. This strategy is fully legal, and has been used by many Canadians over more than two decades. The base idea of the Smith Maneovure is to turn your otherwise non-tax deductible mortgage into tax deductible debt. This is a financial strategy that shouldn’t be done without the advice of financial advisor.

To learn more, visit our Smith Manoeuvre page and Smith Manoeuvre FAQs.

2. Debt Consolidation

If you find yourself a little tight with credit card and other debt payments every month, and you own your own home, you may be able to use your mortgage to consolidate your debt into one neat monthly payment. Debt consolidation using your mortgage accesses the equity in your home to pay off your other debts. While your mortgage balance and payment increase, your overall monthly payment will likely be lower than your previous mortgage payment combined with your other debt obligations. That makes it easier to make ends meet.

To learn more about using your mortgage to consolidate debt, read about our Debt Consolidation Programs and a Debt Consolidation Case Study.

3. Purchasing an Investment Property Using Existing Equity

If you own your principal residence, you have the ability to withdraw equity to use as a down payment on an investment (rental) property. Purchasing a rental property is a great investment, especially if property prices are low. You can earn money as the property value appreciates in addition to having a monthly income from renting it out. There are different options available for investment property mortgages, and many things that need to be taken into consideration when applying for one of these mortgages, so be sure you speak with a professional before moving forward.

To learn more about investing in real estate and investment property mortgage loans, please visit the Real Estate Investing and Investment Property Loan pages.

There are only a few of the mortgage strategies that exist. To learn more, or to discuss the possibilities with a Licensed Mortgage Associate, please contact us today!

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Last updated Aug 18, 2014