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1109
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Things to Remember when Considering a Second Mortgage
A second mortgage can be just the answer you’re looking for in times of emergency or when you need a large amount of money at once, such as when you’re building an addition onto your home. However, second mortgages also come with their own risks. The biggest one of course, is that you’re putting your home on the line should you not be able to afford to pay back the loan in the future.
Posted on Feb-06-2012
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1303
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Tips for Paying off Toronto Mortgages
Toronto homeowners are always looking for ways to get out from under the debt of their Toronto mortgage and are continuously looking for ways to pay it off. But aside from paying huge lump sums that most people just don’t have lying around, why other options are there? Truthfully, there are a number of ways that you can pay off your Toronto mortgage faster, without feeling the pinch in your budget too tightly. You just have to know when, and where to look.
Posted on Feb-06-2012
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1277
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Things to Consider When Getting a Private Mortgage
Private mortgages can be just the thing for many homebuyers, who otherwise wouldn’t be able to obtain a mortgage through conventional methods, such as going to a major lender. With a private mortgage, a private individual or organization provides the money for the loan; these lenders aren’t necessarily affiliated with the mortgage industry, and they may not even always offer these types of loans.
Posted on Feb-06-2012
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1378
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How is a Mortgage Broker in Canada Paid?
Many think that in order to use a mortgage broker to help find the best lender and the best mortgage package for them, they’re going to need to pay high fees for the service. In the United States, that can be true, as brokers are not held to the same standards or legislation as they are in Canada.
Posted on Feb-06-2012
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780
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What You Need to Know about Second Mortgages
A second mortgage is any loan taken out on a home that’s in addition to an existing first mortgage. Second mortgages are generally smaller in size than first mortgages, although they can still be a large sum of money homeowners can use for anything from renovating a home to sending a child off to college. Obtaining approval for a second mortgage can rely on many things, ranging from a person’s existing home equity, to their current income and debt levels, along with their credit score.
Posted on Jan-01-2012
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827
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What is a Mortgage Broker?
People often use the terms “mortgage broker” and “lender” interchangeably, but the two are really quite different, and knowing where those differences lie could make a huge difference in the actual mortgage payment that you make every month.
Posted on Jan-01-2012
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634
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What do You Need for a Second Mortgage in Toronto?
Homeowners in Toronto often find that a second mortgage could be just the answer to help them out whenever they need extra cash for home renovations, buying investment property, paying for medical expenses, or just about anything that requires some extra money. But when a second mortgage seems like it might be the answer, the first question homeowners usually have is they need in order to qualify for a second mortgage in Toronto.
Posted on Dec-29-2011
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683
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What are Hard Money Lenders in Canada?
Hard money lenders in Canada go by many different names, angel lenders and private mortgage lenders being just two of them. Sometimes ‘angel lenders’ might be the most appropriate, as these lenders can provide short-term loans that are secured with a valuable piece of collateral, usually a home or a piece of land. While hard money lenders will offer a home loan just like other lenders and banks, they do have a few key differences that make this type of lending so attractive for so many borrowers
Posted on Dec-29-2011
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634
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Using Your RRSPs One of the Benefits to Canadian Mortgages
Canada has a lot of good programs that help homeowners through things such as heating rebates and tax incentives for energy-efficient appliances. But, one of the biggest benefits the Canadian government gives its homeowners is a perk that comes even before a home is purchased – and that’s with the Home Buyer’s Plan, the program that allows you to tap into RRSPs and use them as a down payment on Canadian mortgages.
Posted on Dec-26-2011
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610
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Use Your 2nd Mortgage to Increase the Equity in Your Home
A 2nd mortgage in Toronto often comes down to how much equity a person has in their home. Two of the most common types of second mortgages are home equity loans and home equity lines of credit (HELOCs); and many homeowners know how much these loans rely on home equity. But there’s another element of home equity that homeowners should think about when taking out a second mortgage – and that’s making your second mortgage work for you, and to use it to increase your home equity.
Posted on Dec-25-2011
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660
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How Bad Credit will affect a Home Equity Loan in Canada
There are many benefits that come with home equity loans in Canada and many people often tout being approved for one, even with bad credit, as being one of them. While this is partly true, because these loans primarily rely on the amount of equity a person has in their home, bad credit will affect a person’s chances of being approved for a home equity loan, and it will definitely make a difference in the final terms of the loan.
Posted on Dec-26-2011
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574
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How to Calculate Home Equity Line of Credit Payments
When homeowners are considering applying for a home equity line of credit, it’s important that they first make a rough calculation of what they can afford. In order to do this, homeowners need to start with some general figures and calculate what the monthly payments will be. Before you can do this though, you first have to know how home equity line of credit payments work and how to calculate them.
Posted on Dec-26-2011
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