A home equity lines of credit (HELOC) is an option available to home owners that allows them to leverage the equity they have built up in their homes.
When you apply for this type of loan, you can choose to receive a lump sum of cash to use as you please (Full amount or partial), or borrow the sum over time to use as you please.
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When you obtain a mortgage the lender may suggest that you take out Mortgage Insurance (also known as Creditor Life Insurance). Many people chose not to take it, but they also don’t have Life Insurance, and this is problematic as you should definitely have one or the other! So let me explain what they are so you can make the right decision.
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Private lenders have always had their niche market. Traditionally, those using private lenders were individuals who are purchasing properties that are unique and don’t meet traditional lending guidelines (eg., Tiny home), who have bad credit, can’t prove their income, new to Canada and more.
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In Canada, we do not have an inheritance tax, however, there are things that you need to be aware of because there may still be taxes owing after an individual has passed away.
So you are ready to buy your first home, now what? Your first step should definitely be to obtain a mortgage pre-approval, but don’t get that confused with a “Pre-Qualification”.
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So you have sold your home and purchased a new dream home, but your closing dates aren’t lining up perfectly, so what do you do? You’ll need bridge financing!