Choosing between taking a fixed rate or variable rate mortgage option is a decision every mortgage holder must make!
This decision requires multiple factors to be taken into consideration. Below I will outline some of the things a borrower should consider before choosing which type of mortgage term is right for them.
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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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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…)
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…)
Most adults have several different types of debt; Credit card, car loan, line of credit, and the biggest one, your mortgage. There is nothing wrong with this, but we have to be careful to use these credit lines properly, to know what the product is, and whether you are getting the best product for your needs.
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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.