If you’re a homeowner, it may have crossed your mind to use your home equity to get a second mortgage or perhaps apply for a HELOC; but how possible is it for you to get one? Are you sure that you can get HELOC or second mortgage approval with the recent changes in interest rates […]
Planning on Getting a Second Mortgage or Applying for a HELOC? Read This! Read More »
It may be easy for a lot of homeowners to apply for a second mortgage but those who have an existing HELOC may have a bit of a challenge. A few months ago, the leading HELOC provider in Canada, Toronto-Dominion Bank changed their rules for those applying for a second mortgage. Part of their new
Will a HELOC Prevent You from Getting a Second Mortgage? Read More »
Some people dive into applying for a second mortgage without knowing what they are doing. As a result, their process usually takes longer, end in non-approval, or they apply for the wrong type of second mortgage for their situation. These are factors why some people end up getting disappointed and intimidated with the process of
Only Get a Second Mortgage After Reading This! Read More »
More homeowners are fast becoming aware of the many ways that they can make their home equity work for them. We’ve talked in the past about how you can pay for a home renovation or consolidate debt by using the equity you’ve built up in your home. The question is, what is the best way
Still Thinking About Getting a Second Mortgage, a HELOC, or a Refinance? Read More »
Getting a second mortgage is a huge financial step that requires thoughtful consideration and planning. It isn’t something that you can do just out of the blue or for no real reason because getting approved for a second mortgage means getting a home loan with your property as the collateral. It is best to make
You May Not Know This Yet About A Second Mortgage Read More »
The mortgage world is abuzz with new information regarding getting additional financing for those who have a HELOC. Some of the Big Six banks have adopted the policy as of recent update. This means that those who have a HELOC will now have to prove that they are capable of paying the theoretical monthly payment
New Rules for Second Mortgages in Canada Read More »
Mortgage rates are not the same throughout Canada. This applies to all types of mortgages including second mortgages. The reasons why mortgage rates fluctuate depend on many factors but location is a major determinant. Who Sets Second Mortgage Rates? The second mortgage rates are set by individual lenders within reasonable limits (for instance, they can’t
What You Have to Know About the Rates of Second Mortgage in Canada Read More »
Choosing between a HELOC and a second mortgage can be confusing because both are loans that are attached to your home. Technically speaking, a HELOC and a second mortgage are both second mortgages, because you can only apply for them on top of your primary mortgage…so which is better and how are they different? HELOC
Second Mortgage or a HELOC? Which Is Better? Read More »
It is no secret that property values have gone up in Canada in the last 15 years. People living in certain areas like Toronto and Vancouver who bought their homes more than 2 decades ago have more than doubled the value of their properties. The recent huge increase in real estate market values mean that
Is A Second Mortgage A Good Financing Option For You? Read More »
A second mortgage is another loan taken with a different mortgage lender on a property that has an existing mortgage. The person who applied for the mortgage must still pay the primary mortgage with the addition of also having to pay for the second mortgage. Reasons Behind Higher Interest Rates On A Second Mortgage When
What is a Second Mortgage And How Will It Work? Read More »
