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…)
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…)
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.
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…)