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Mortgage arrears are the missed or late payments on a mortgage loan. Also known as mortgage delinquencies, this is known as “default” because it does not honour the terms of a mortgage agreement, which is typically paying a monthly fee on time. Mortgage arrears, left unpaid, can result in the lender’s power of sale or foreclosure of a property. Learn more
With the increase in the demand for homes, home prices skyrocketed. Combined with the cutting of mortgage rates to help stimulate home buyers, it is a great time to sell houses or refinance your mortgages.
Refinancing your mortgage can provide a number of advantages. You might be able to get a better mortgage rate and lower your monthly payments. However, first-time refinancers can find some surprises like resetting a payment timeline, credit checks, and closing costs.
So how do we correctly estimate the value of a property? There are a lot of ways to know how much a property is worth, each method using different calculations and factoring in characteristics of the properties such as the location, living area, construction year, number of rooms, inclusions (pool, terrace, veranda), proximity to schools, shopping area, public transportation, current market condition (buyer’s/seller’s market), city migration, and many many more.
Teaser: The Private Lending Sector cruised through the COVID-induced insecurities of 2021. Mirroring the trend in the Canadian mortgage sector in 2020, unlike some of the other business sectors in
Applying for a mortgage approval is a long and tedious process. The time it takes also depends on where you start—if you’ve found a home yet, what type of loan you are getting, how prepared you are with your documents, what type of lender you will be borrowing from, etc.
Getting a bridge loan is a decision made by a homebuyer who needs fast financing for a short term. It seems to be a bad idea because of the high interest and fees, but in emergency situations, this is a more welcome solution than forfeiting your dream home.
For those homeowners that may need to sell their home quickly, an option worth exploring is approaching an established and experienced Ontario-based cash home buyer.
The decision to sell your home is a personal one. It is also very much dictated by current and pressing financial circumstances.