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Considerations When Taking Out a Mortgage for Rental Property

August 10, 2016

Points to remember when seeking mortgage for rental property: Banks will limit loan amount to 80% of purchase price/property value when approving mortgage for rental property (20% down payment required by client) If rental unit is a condo, many banks/lenders will now ask for an additional 5% (25% total) as down payment (with exception of certain units, location, etc.) Bank typically advertise rates for owner occupied residences, rate premiums will apply to any mortgage for rental property, with exceptions (up to 0.50% rate premium) When underwriting mortgage for rental property, banks will not use 100% of projected rental income to … Continue Reading

How Do Home Equity Loans Work?

July 13, 2016

Home equity loans can often times  be confusing for consumers since the term can be used to describe one of many equity ‘products’ offered by the banks or lenders. Regardless, an equity loan does take the form of a mortgage and is secured to the property in question. So how do home equity loans work, and what can they be used for? Here is a quick breakdown. Home equity loans can be one of 3 products: A fixed amortized mortgage- Assuming your home is free and clear (no mortgages owing), a new mortgage can be placed on the property (to … Continue Reading

Things to Know About Taking Out a Second Mortgage

June 29, 2016

Taking out a second mortgage is a common request in the mortgage industry, more common than it used to be. Reasons for taking out a second mortgage may include but are not limited to; debt consolidation, clearing judgements/liens, personal investments, investment properties, renovations, weddings, vacations, etc. The possibilities are really endless, and the reason for that is because second mortgages are equity loans. What this means is that the institution or private lender who is providing the second mortgage, is doing so because there is sufficient equity in the home to ensure a safe investment. Second mortgage can either be … Continue Reading

How We Choose the Best Mortgage Lenders for Your Situation

June 15, 2016

I’ll say it time and time again… the best mortgage lenders aren’t just the lenders that offer the best rates. Many applicants are fixated on rate and though that’s understandable, the best mortgage lenders are the ones that cater to your unique financial situation. If you think about it, the best mortgage lenders are really the lenders that offer terms and conditions that work best for you and your long term or short term strategy, whether it’s to break and sell at a later date, consolidate debt into the mortgage or use your equity as a revolving line to do … Continue Reading

Private Mortgage Lenders For Borrowers with Bad Credit

June 1, 2016

Many times when trying to get a mortgage loan, homeowners often go through challenges. The traditional lenders may pass on your request and sometimes it may just not make sense. That’s why when it comes to credit, many people turn to private mortgage lenders for bad credit. Although there are many negative things said about the private lending industry, those are often said by those that have defaulted on their payments. It’s not a secret that interest rates are typically the highest from private mortgage lenders for bad credit. This is expected because of the risk associate with approving a … Continue Reading

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