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Private Mortgage

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
    /kəˈladərəl,kəˈlatrəl/
    noun
    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.

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By Meghan Van Houten, ago

Common Types of Mortgages

There are many type’s of mortgages available in the Canada’s Lending Market, which makes being a home buyer an overwhelming process.

That is why using a Mortgage Agent is always advised as we will take the time to explain your options and help find you the right mortgage product for your current and future needs.

We have made a list that will hopefully help you understand what is right for you. This list comprises some of the most common types of mortgages available in Halton, Kitchener, Waterloo, Cambridge, Guelph and surrounding area’s. (more…)

By Meghan Van Houten, ago

Why is it Important to Know About Debt Consolidation Options?

Debt consolidation refers to taking all your separate debts and creditor and putting them into a single loan.  Making it easier for borrowers because it there is only one payment, less interest paid on each dollar, strengthens credit scores, and simplifies the repayment process.  

A debt consolidation loan’s terms will depend on your credit score (the better your credit score, the better the interest rate), amount of debt, and type of loan taken.

Debt consolidation loans come in many forms and cover consolidating many types of debts.

How to Get a Debt Consolidation Loan?
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By Meghan Van Houten, ago

Buying Property under a Corporation Name

When you incorporate your business, you can protect your personal finances and personal property in the event of a legal action being filed against you as the only assets liable would be those that belong to the corporation specifically.  Incorporating your business also allows you to purchase assets under that company which lets you increase your business assets, credit rating and enter into real estate investment’s.

Steps to buying a property under a corporate name (more…)
By Meghan Van Houten, ago

Stopping Foreclosure and Power of Sale

Foreclosure is an unfortunate event and it can happen to anyone, even you.  The good news is, if you are still in your home but you’re already in foreclosure, you may be able to stop it.  Generally speaking, real estate lawyers or very specialized mortgage agents, are the only people who are qualified to explain what Foreclosure and Power of sale means and what might be done about stopping it as we have the experience and expertise to analyze all documentation to help you make an informed decision.
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These documents could include: (more…)
By Meghan Van Houten, ago