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Good Uses for Equity Take Out

March 22, 2017

An equity take out on your home can be a life saver in times of financial distress, especially if used effectively. In most cases, an equity take out is the only OR cheapest option. Taking out equity from your home isn’t free, nor is it cheap, but it’s probably one of the safest and quickest ways to get access to funds for an endless amount of reasons. The most common reasons for the need of an equity take out are: Clearing CRA tax arrears, paying off a consumer proposal, consolidating high interest credit cards/unsecured debt, bringing a mortgage/property taxes back … Continue Reading

Understanding Bridge Loans

March 8, 2017

Today’s real estate market is flooded with first time home buyers, but it’s also flooded with existing home owners looking to upgrade… home owners who may need a bridge loan in order to close a new purchase. A bridge loan is only available to existing home owners who are closing the purchase of a new home, before the sale of their existing home closes. Not all banks will offer a bridge loan, but many do. How a Bridge Loan works: A bridge loan allows a home owner to successfully close the purchase of a new home prior to the closing … Continue Reading

The Banks View on “Payday loan” Borrowers

January 25, 2017

We live in an age where we relay on credit for buying things, paying bills and making ends meet. We use things like credit cards and lines of credits to help us pay for things in-between pay periods so that we can all live a little more loosely. Using credit wisely, is important to build a strong credit history which is also important for demonstrating how “creditworthy” you are as a borrower. Creditors view borrowers who have multiple trades and pay their bills on time as ideal clients and would often approve for more credit if the borrower decided to … Continue Reading

What You Need to Know About Renewing Mortgages

January 11, 2017

Renewing mortgage is one of the easiest steps involved in any mortgage process. You simply choose the renewal rate and corresponding term (1-5 years) and submit the completed form back to your existing institution. Typically renewing mortgage does not involve any additional expenses, however it is up to the lender to determine if there would be a “renewal fee” or not. Keep in mind that once your mortgage term has matured, you are no longer in a contract with your bank and therefore, the bank may decide to request things like a renewal fee or an appraisal to confirm the … Continue Reading

What is a Reverse Mortgage?

December 28, 2016

We hear the term and we hear it often, but many of us have a hard time understanding exactly what it is. What is a reverse mortgage? What is a reverse mortgage? A reverse mortgage is a mortgage product available to home owners 55+ years of age (all applicants on title would need to fit this age bracket in order to qualify). There must be sufficient equity in the home and not all banks will offer this product. The reverse mortgage allows you to use the equity in your home with no payment obligations. What is a reverse mortgage used … Continue Reading

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