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

Thinking of Refinancing? You need to know these 5 things!

Refinancing your mortgage is a great way to take utilize your home’s equity, to take advantage of lower interest rates, consolidate debt, and save money. But it can also cost you money if you do it in the wrong way or with the wrong lender!  Before you refinance, it is always best to meet with an independent Mortgage Professional like myself, to make sure you are getting the right product for your current and future needs.

Before you choose to refinance your Mortgage, you should know these 5 things; (more…)

Equity Take-Out

Collateral Mortgages, and Why you need to be Careful!

Most mortgage borrowers don’t know what a collateral mortgage.  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 yo 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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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.  At AKAL Mortgages Inc., 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

Tips for Credit

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. (more…)