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.
Read more about What Is Bridge Financing and How Does It Work? »
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.
Read more about What Are Some of the Reasons to Apply for Private Mortgage Financing? »
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.
Read more about Different Types of Hard Money Loans Explained »
The Federal Government and the Bank of Canada have recognized the danger of taking on too much mortgage debt for several years now. A few years back, similar to what we are currently experiencing, the banks could afford to offer discounts on associated interest rates on different mortgage types. There became a need to assess what a homeowner could truly afford given a change of even 1% in their mortgage rate.
Read more about How Does A Mortgage Stress Test Work »
All lenders will be analyzing credit reports and have to obtain an understanding of why a borrower has the credit score that he/she has. Learn more
Read more about What Is a Good Credit Score in Canada for a Mortgage? »
Although interest rates are propelling many Ontario homeowners/borrowers to take out mortgage financing, if you have poor credit the banks are not the answer. Stringent criteria prevent many with damaged credit from obtaining mortgage loans. Learn more
Read more about How to Calculate Interest on a Private Mortgage? »
What lending options are still open to those that can not demonstrate creditworthiness? Private lenders are well established in this Province who will be able to offer secured private mortgage financing when credit is a stumbling block to mortgage financing. Learn more
Read more about What are Hard Money Loans and How Do They Work? »
Mortgage Broker Store has access to a wide network of Ontario-based private lenders who will be able to look to different criteria than just full-time salary-based income and exemplary credit. Learn more
Read more about Mortgage and Purchase Process »
There are steps that you should take to help safeguard against making misinformed mortgage decisions. These steps will put you in a position to determine the type, the amount, and the term of your mortgage as well as give you the necessary understanding of the factors that pertain to mortgage approval. Learn more
Read more about What Should You Do Before Applying for a Mortgage? »Answers to common questions about this Mortgage Broker Store page.
The blog covers private mortgages, second mortgages, power of sale, home equity, bad credit mortgage options, debt consolidation, and practical mortgage education for Ontario homeowners.
No. Blog articles are general education. A mortgage recommendation should be based on the property, income, credit, debts, timeline, and lender options available for the specific file.
Yes. If an article matches your situation, you can contact the team and reference the topic so the discussion starts with the right context.
Use the articles to understand terms, risks, and possible paths, then confirm the numbers and lender requirements before making a decision.
