New Build Home buying Mistakes to avoid!!!

So you are thinking about buying a new home and have decided that a new build is what you really want, that’s a great idea, nearly one third of home buyers opt for a brand new build!

It means you can customize your home to meet your personal wants, needs, and style!  You have lower maintenance costs on a new build, and unexpected surprises (like asbestos, major plumbing issues, or electrical upgrades) are unlikely! (more…)

Collateral Mortgages, and Why you need to be Careful!

Most mortgage borrowers don’t know what a collateral mortgage is.  When a lender registers your mortgage they can either register it as a “Collateral charge” or a “Conventional Mortgage Charge”. There are several lender’s who have done Collateral only mortgages for the last 8+ years so you may very well be in a collateral mortgage without knowing it.  So what does this mean to you?

  • col·lat·er·al
    1.something pledged as security for repayment of a loan, to be forfeited in the event of a default.
    synonyms: security, surety, guarantee, guaranty, insurance, indemnity, indemnification; backing
    “she put up her house as collateral for the loan”

The definition of collateral is self explanatory, however the way it works in mortgage lending is a more of a “Readvanceable Loan”.  Let me explain the difference between Collateral and Conventional.