If you are shopping for a private mortgage solution it’s useful to understand exactly how much money can be made available to you based on the equity in your home. The built up equity in your home is critical to your ability to borrow from a private home equity lender. [Read more…] about How much equity do I need to apply for a private home equity mortgage?
If you’re in the early stages of shopping around for a mortgage solution you might not be too clear on what you are actually looking for and how to ask for it. This post is a lesson in Canadian mortgage jargon and nomenclature with the hope that you’ll be better prepared to shop around when speaking to your mortgage broker or banker. [Read more…] about The difference between a 2nd mortgage, home equity loan and line of credit?
Mark Twain once wrote “A banker is a fellow who lends you his umbrella when the sun is shining, but wants it back the minute it begins to rain.”
A private home equity mortgage is rarely going to be a borrower’s first choice for financing. Private mortgages involve fees and extraordinary costs that you wouldn’t typically pay through a more conventional institutional lender like your bank.
When I’m talking to a new client one of the first questions that always seems to come up is “why would I use a mortgage broker?”. It then occurred to me that most people don’t know what a broker does for a borrower and there are some misconception hovering around. I decided that I would write this post to set things straight. [Read more…] about Four Advantages To Using A Mortgage Broker