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Canadians applying for a mortgage may have to confront the term “high-risk mortgage.” The term might sound intimidating to someone with financial difficulties, resulting in bad credit, limited proof of income, or several debt obligations. Understanding what makes a mortgage... View Article
Borrowers looking for a private second mortgage need to understand the importance of home appraisals. Accurate property valuations are essential because private lenders are more interested in equity than credit scores. The equity is that part of any property that’s... View Article
A second mortgage through a private lender is an excellent tool to straighten out your finances and help you through difficulties like a power of sale. However, you’ll need to avoid some common pitfalls when you’re leveraging your home equity... View Article
Choosing a second mortgage from a private lender over refinancing with a bank has advantages. It’s an excellent way for homeowners in Ontario to access the equity they’ve built up without replacing an existing mortgage. ... View Article
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.
A second mortgage is a loan against a property that already has a mortgage on it. Just like a mortgage or loan, you are expected to repay the second mortgage with interest. If you do not make the required payments, the lender can sell your home to get their money back.
