Private lenders have always had their niche market. Traditionally, those using private lenders were individuals who are purchasing properties that are unique and don’t meet traditional lending guidelines (eg., Tiny home), who have bad credit, can’t prove their income, new to Canada and more.(more…)
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…)
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.