Equity Take-Out
Why use a Mortgage Agent?
Whether you are looking to buy your first home, renew your mortgage, refinance, or buy a second home, a Mortgage Agent can get you the best option for you and save you Money!
(more…)
First-Time Buyer
Rent-to-Own; Is it right for you?
Home ownership, to most, is an essential part of their life goals, and financial security!
Sometimes, for various reasons, people are held back from this dream because they can’t qualify for a traditional mortgage.
Instead of being trapped in a cycle of renting, choosing to enter a rent-to-own agreement is one solution that can help such individuals obtain the dream of home ownership. (more…)
Equity Take-Out
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.
Equity Take-Out
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…)
Equity Take-Out
New Stress Test Guidelines for Insured Buyers
As of January 1st 2018, Canada’s Uninsured home buyers will be required to qualify for their mortgage with an interest rate of the greater of the Bank of Canada (BOC) Rate, or 2% higher then the contract rate. (more…)
First-Time Buyer
First Time Home Buyer Grants
The great news for first-time buyers is that the government has various grants that you can take advantage of. If you are buying a home for the first time, here are some of the grants that could be available to you; (more…)