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Tips for Applying For a Home Mortgage Loan
As a resident in Canada, you’re probably considering investing your hard-earned money on a worthwhile investment such as real estate. This is not surprising given that having your own property can help you earn money in the long run. You are lucky if you have enough cash to simply buy your home as is. Most on the other hand will need to apply for a home mortgage loan. If you are [...]
Second Mortgage and How It Differs from Mortgage Refinancing
You may find yourself in need of extra cash, and because of this, the idea of applying for a second mortgage may appeal to you. The first mortgage you have applied for is the loan that you took to purchase your current home and will be the primary lien until you manage to complete paying off the mortgage. Second mortgage, on the other hand, is the mortgage that you get from [...]
Second Mortgage vs Home Equity Loan – Similarities and Differences
If you find yourself in need of extra money for your child’s education, home renovations, or paying off some debt, you might consider getting a home equity loan or a second mortgage loan. Second mortgage is basically a term used to refer to a loan that is taken out using a real estate as collateral where the lender will not have any claim to the collateral if you default on [...]
Mortgage Refinancing – How Canada’s New Mortgage Rules Can Affect It?
At the start of 2018, the mortgage lending rules in Canada became tougher than before causing homeowners who wish to renew or even apply for mortgage refinancing face stricter rules. Under the new rules, Canadians will have to prove that they are able to handle the higher interest rate compared to the existing rate that they are paying. The new mortgage rules also mean that even those who have already paid [...]
Risks of Mortgage Refinancing
Mortgage refinancing may be looking good at the moment if you are planning on lowering your monthly payments to be able to save some money, but if you are not careful, you might end up paying more than you can afford and even lose your home in the process. Things You Need To Avoid While Applying For Mortgage Refinancing! Here’s what you need to avoid when you are applying for mortgage refinancing. [...]
Applying for Second Mortgage – Is it Right for You?
Homeowners, who have a good amount of equity on their property, maybe considering applying for the second mortgage to help with their child’s educational fund or because they want to tackle some home renovations. Before you apply for one, you should check if you can get funds from other sources such as a member of your family or borrowing from a bank at a lower interest rate just to name a [...]
A Useful Guide to Mortgage Refinancing
Mortgage refinancing is an option that homeowners in Canada are considering at times especially when they are thinking of doing home improvements. According to the Canadian Mortgage and Housing Corporation (CMHC), mortgage refinancing is a type of loan that lets the homeowners pay the full amount of their first mortgage by getting another loan. The new loan that you will be applying for will have a new interest rate and terms [...]
What You Need to Know About Home Mortgage Loans in Canada
Living in Canada may be something you have been dreaming of, and although renting apartments and studios seem like a logical choice, especially when you are just starting out, buying your own home may be in your sights already. The good news is that home mortgage loans in Canada work the same way as in other countries where each application is reviewed on a case-to-case basis. In Canada, residents, as well [...]
Tips to Consider for Mortgages in Canada
Applying for Mortgages in Canada may sound simple at first especially when there are dozens of loan products to choose from. Whether you want to refinance your mortgage, considering consolidating your debt, or want to make a purchase on a property, you will need to do some research on how to apply for mortgages properly. With that being said, here are a few tips that may help you navigate the complicated [...]
Key Factors to Consider for Mortgages in Canada!
You may be dreaming of buying a property in Canada and likely, you’re shopping for mortgages in Canada already. Although there is no shortage of options in the market, you may not get the approval of money lenders quick. It’s because there are certain factors that mortgage lenders consider. If you want to increase your chances of getting approved for a mortgage, these factors are worth considering: Credit report-When applying for [...]
Advantages and Disadvantages of Second Mortgages in Canada!
A Second Mortgage is an additional taken out with a different mortgage lender on a home that is already mortgaged. It is referred to as the second mortgage because the primary mortgage loan is the loan that you took out to buy the property. This type of mortgage uses the equity on your home. The equity here is the market value of your property relative to any balances left on your [...]
How Second Mortgages Work?
A lot of homeowners are not really aware that they can take out a second loan on their property even when their primary loan is still unpaid. This is often referred to as second mortgage. Second mortgages are actually useful especially when you are in need of extra cash for your child’s tuition, home renovation, or even for emergency purposes. Types of Second Mortgages There are two [...]
What to Consider When It Comes to Mortgage Refinancing
Mortgage refinancing is the term used to refer to getting a new mortgage to help reduce the interest rate, lower monthly payments, transfer mortgage companies, or even take some cash out from a large purchase or even your home just to name a few. A lot of people apply for mortgage refinancing when their home already has equity which is the difference from the amount loaned and the value of the [...]
Choosing Mortgage Lenders in Canada!
There are several types of mortgages in Canada that you’re probably considering, from variable rate mortgages, fixed rate mortgages, or high ratio mortgages just to name a few. But regardless of the type of mortgages in Canada that you plan to use, sooner or later, you will be dealing with mortgage lenders to help you out. Canada is not short on mortgage lenders as there are several well-known names that most [...]
There are Simple Ways To Get Out of Debt! ?
Facing a financial debt can be a major problem or burden in today’s world. People living in Canada carry more debt now than ever!. Many people eagerly want to pay off their debt but are unaware of the ways in which this can be done. Are you facing a similar problem and also have a bad credit score? So, what are some of the options to pay off your debts and [...]