You bought your dream home a few years back now, but circumstances have changed and you are considering selling your home in the middle of your mortgage term, but you’re concerned you are going to have to break your mortgage and pay a hefty penalty. Don’t fret, you may be able to port or transfer your mortgage. (more…)
With the mortgage rules constantly changing, private or alternative mortgages are becoming the only way some people can refinance or buy a home. When the banks turn borrowers down the next option is to look at “Subprime” lenders. There is a significant misconception applied to this “subprime” market, so let me explain them a bit.
In Ontario, a second mortgage on a property title will appear as a separate charge on that property but does not change the first mortgage. Since there is higher risk to the lender, taking a second mortgage typically has a higher rate of interest.
A second mortgage can allow homeowners to use the equity that they have in their home. If your first mortgage has high pre-payment charges, or a low rate, a second mortgage can be a better option than a refinance. This option may also be best for those who are self-employed, have bad credit, or for those in need of fast cash.