A Home Equity Loan is a loan obtained on a property that already has a primary mortgage. The house itself serves as collateral for both the primary mortgage and any second mortgage, which means that failure to pay either could result in the property...
In mortgage refinance, the bank or lender pays off your previous loan and replaces it with a new one; this is why the term refinance is used. Most borrowers go for refinancing to lower their interest rate and shorten their payment term or to take...
A home equity loan otherwise known as a second mortgage, is a type of loan in which the borrower receives a large sum of money by obtaining equity from their property. The loan amount is determined by the value of your property, which is then...
If you’re a homeowner in need of capital, chances are you’ve stumbled across a variety of lending options. Two common lending solutions that often puzzle homeowners are Private Lending and Alternative Lending. Both private and alternative lenders differ from traditional lenders, such as the Big 5...
Between having to financially balance credit cards, mortgages, and loans, many homeowners often find themselves taking on too much debt. What might surprise you is that this is quite common and by no means a bad thing, especially when you have the option to consolidate...
Since its introduction in 2018, homeowners across the nation have dealt with financial difficulties and challenges when facing Canada’s infamous mortgage stress test. So to help take the stress off any mortgage concerns you may have, the Leap Financial team has broken down exactly what...
