TORONTO--(BUSINESS WIRE)--You can now be better prepared when you enter the GTA’s home buying frenzy with a new financial tool that maximizes your buying power and mean the difference in a bidding war.
Tembo Financial Inc. works with buyers and sellers to relieve the financial stress through unique lending services so they don’t have to wait until closing to receive their equity. Short term financing to cover surprises that cut into their negotiating power.
Buyers are taking more risks
Many want to take advantage of low mortgage rates but with tough competition, they’re forced to max out or exceed their budget to get the house of their dreams. It leaves them with added costs that reduces their down payment. Shock sets in when they have to come up with more money for land transfer tax and other closing costs leaving them with a bigger mortgage.
Tembo Financial’s President and CEO Arryn Greenspan says the fluid market means buyers are taking risks such as buying that dream home before selling their existing property. Although calculated and a relatively safe bet in this hot market, they forget their equity is tied up and some find themselves scrambling for closing costs and large deposits to indicate financial strength to the sellers.
“You don’t want to take on further debt that does not add value to your purchase power and which would reduce your down payment or hinder your ability to take on a larger mortgage. We have created financial tools that will carry you over the hump, reducing the stress and financial burden until that dream home is yours.”
Greenspan has seen first hand buyers burdened at a time when they’re supposed to be excited with their home purchase.
“Beware of those offering what seems like money for nothing. It’s as important to do your homework on short term or bridge financing as shopping for a mortgage rate. They have you over a barrel but don’t give up the power and pay extra.” says Greenspan. "It’s a seller’s market right now, and buyers have to consider all options to help them grab their dream property. What I want to do is empower them, especially in the competitive bidding wars."
Mr Greenspan is available for interviews to offer buyers and sellers advice “from the inside.”