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Insider Tips for Bad Credit Mortgages

The Covid-19 Pandemic has touched everyone in some way. If not through a direct job loss or layoff, we have probably seen friends go through it. Routines have been upended, finances tested, and we have had to completely modify our daily routines as the Pandemic has taken its grip.

When Should You Get a Private Mortgage?

When searching for mortgage financing, there are many different types of mortgages available for the Ontario homebuyer. There are also many different types of lenders that are available in Ontario to help an Ontario borrower reach their mortgage and financing needs.

The 2020 Year in Review

2020 will undoubtedly be remembered as a year marked with unprecedented events and a year where everyone was trying to make their way through unchartered territory. It is no secret that Covid-19 has proved to be stressful for many. We... View Article

Second Mortgage Explained

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.

How to Stop a Power of Sale

With COVID-19 causing a second lockdown across Ontario, borrowers are wondering how they can stop power of sale on their home if they cannot to keep up with the required payments. While this is a challenging predicament to be in, there are ways to stop a power of sale.

Should I Take Out a Second Mortgage?

A second mortgage is an additional mortgage you get on a property that already has a mortgage. A second mortgage can look like a regular mortgage where you borrow all the funds at once. It can also come in the form of a home equity line of credit (HELOC) where you borrow funds as you need each month up to an amount approved by your lender.

Mortgage Arrears in Ontario

In 2020 alone, The Canadian Bankers Association reported 0.25 percent of mortgages were in arrears across Canada. The financial crisis of 2008 led to a decrease in interest rates, causing a surge in home purchases. Now, just 12 years later, homeowners are suffering yet another economic crisis, paired with a pandemic that has forced many Canadians into financial flux.

10 Ways to Slash Your Debt During the Pandemic

Debt consolidation is a great way to pay your various debts through one payment plan with one lender. The total amount you owe has not changed, but most debt consolidation loans have lower interest rates than many other types of loans. The savings from paying a lower interest rate could be significant.

COVID-19 Mortgage Payment Deferrals

In March of this year, many Canadians took advantage of an option called mortgage deferral. When your mortgage is deferred, your principal payments are postponed thus lowering your monthly expenses to cover interest charges only.