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 credit score of 680+ is vital to qualify for the best mortgage rates. But there are many other factors to know about credit scores and how they affect your mortgage rates. Most people don't even know where to check their credit scores. Whether you...
A mortgage is one of the biggest commitments a consumer can make, considering the average mortgage cost in Canada has gone up significantly in recent years. According to one statistic, the average Canadian resale home price hovered just above $716,000.00. Before diving into such a commitment,...
March 2, 2022, marks the beginning of the interest rate hike, and Canadians can barely see how high it would go. So, knowing that the rate is going up, does it mean it is bad to get a mortgage now? Well, this is dependent on...
Not everyone meets the rigid criteria requirements to obtain a mortgage from big financial institutions such as banks. They often involve a timely application process before they even consider an individual for a mortgage, which can be an overwhelming situation for those seeking quick and...
