So you are thinking about buying a new home and have decided that a new build is what you really want, that’s a great idea, nearly one third of home buyers opt for a brand new build! It means you can customize your home to meet your personal wants, needs, and style! You have lower maintenance costs on a new build, and unexpected surprises (like asbestos, major plumbing issues, or electrical upgrades) are unlikely! (more…)
In real estate sales the responsibility is on the buyer to beware, and to ensure they know what it is they are buying. However, the risks for both the buyer and seller in a volatile market can be very real and some buyer/sellers just want to back out of their deal.
So you borrowed from your RRSP account to utilize the governments First Time Home Buyers Plan (HBP). Now you have to repay that borrowed sum to your RRSP account within the next 15 years. So how do you do that, and what happens if you miss one of those repayments?
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…)
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…)
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?
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.