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Just as in all second mortgage loan options, all lenders will be assessing the degree of equity in a homeowner's property. To calculate home renovation loans a lender will also ask to see a current appraisal to determine the current value of the property.
Of all the criteria that Ontario lenders assess, credit remains top of the list when it comes to approving refinancing options utilizing your home equity.
What exactly is a bridge loan? Simply put, bridge loans represent short-term loans (usually 3 to 12 month terms) in which a homeowner borrows against the existing equity in their home or property.
What if your credit is damaged? Owning a home does allow those who may have poor credit or reduced income to take out second mortgages for a number of financial objectives. Reasons to take a second mortgage can include the need to pay off existing debts, pay for any much-needed renovations, pay off legal fees or arrears if in mortgage default, and other pressing financial reasons.
Regardless of why an Ontario homeowner/borrower requires a secure mortgage loan, there remain choices pertaining to what loans are on offer. There are also choices to make in terms of what lenders to negotiate mortgage financing.
With mortgage interest rates at historically low levels coupled with soaring house prices and record-breaking house sales in Ontario, more and more Ontario homeowners are looking to take advantage of such a lucrative housing market. Learn more
