First-Time Buyer
Why you should get a Mortgage Pre-Approval!
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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Equity Take-Out
Bridge loans; How do they work?
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!
Equity Take-Out
Second Mortgage Facts you need to Know!
Do you need to use the equity in your home?
Are you looking for a convenient way to access cash for home renovations, business investment, or debt consolidation?
Then you may be considering a second mortgage.
With a second mortgage, you can borrow against the equity in your home without breaking your current mortgage, thus avoiding unwanted penalties!
But how do you know if a second mortgage is the right product for you? (more…)
Equity Take-Out
Private Mortgages; When are they right for you?
For many, home ownership is a good step towards building a financial nest egg, but what happens when traditional lenders won’t approve you for a mortgage?
Until recently, only about 4-5% percent of mortgages in Canada have been from private lenders, but as stricter rules have come into effect, we are seeing that number starting to rise. (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…)