{"id":104,"date":"2021-02-03T23:57:09","date_gmt":"2021-02-03T23:57:09","guid":{"rendered":"https:\/\/www.progressivevancouver.com\/blog\/?p=104"},"modified":"2023-01-18T07:24:26","modified_gmt":"2023-01-18T07:24:26","slug":"vendor-take-back-mortgage","status":"publish","type":"post","link":"https:\/\/www.progressivevancouver.com\/blog\/2021\/02\/03\/vendor-take-back-mortgage\/","title":{"rendered":"What Is A Vendor Take Back Mortgage & Why Should I Consider One?"},"content":{"rendered":"

\"Vendor<\/p>\n

Whether you’re a first time buyer or an experienced real estate investor, you might not know exactly what a Vendor Take Back Mortgage is. As banks tighten their requirements and interest rates remain near historic lows<\/a>, this arranged financing option often makes sense for both parties.<\/p>\n

How It Works<\/strong><\/p>\n

With a vendor take back mortgage the seller of the home actually lends the new buyer of the property the funds to facilitate the purchase. For example, imagine you are buying a property with a $50,000 down payment. In this case, you would still pay your down payment upfront. However, instead of paying the full amount yourself, the seller might help towards your down payment upfront prior to the closing date.<\/p>\n

What Are The Benefits<\/strong><\/p>\n

For Sellers<\/em>, there are 3 main reasons why you may consider using a Vendor Take Back Mortgage:<\/p>\n

    \n
  1. SELL YOUR HOME FASTER<\/li>\n
  2. GENERATE ADDITIONAL INCOME FROM INTEREST<\/li>\n
  3. REDUCE TAXES ON CAPITAL GAINS<\/li>\n<\/ol>\n

    As a Buyer<\/em>, this option acts as an alternative when faced with credit or down payment challenges.<\/p>\n

    Who Holds Title In a Vendor Take Back Mortgage?\u00a0<\/strong><\/p>\n

    While it may seem “risky” at first glance, Vendor Take Back Mortgage works exactly like borrowing money from the bank. So, the purchaser holds title. The lender (in this case, the seller) will place charge on the title until the loan is paid off. This acts as protection for the lender and gives assurance that the property cannot be sold without paying off the loan.<\/p>\n

    If you’re looking to sell quick or needing alternative financing options try considering a Vendor Take Back Mortgage for your next real estate transaction.<\/p>\n

    Should you have further questions or just want to discuss, do not hesitate to reach out<\/a>. We’d love to connect!<\/p>\n

     <\/p>\n

     <\/p>\n","protected":false},"excerpt":{"rendered":"

    Whether you’re a first time buyer or an experienced real estate investor, you might not know exactly what a Vendor Take Back Mortgage is. 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