What is an Underwater Mortgage?
Thankfully, even with the recession that hit in 2008, the Canadian housing market never really suffered all that badly, and we didn’t have thousands of underwater mortgages on the market. But the U.S. did, and lots of people lost their homes because of it. Now, the housing market in the United States is the best it’s been in 5 months, and people are rejoicing at the number of underwater mortgages going down. While this is obviously great news, it has a lot of people (in Canada and the U.S.) asking the same thing: just what the heck is an underwater mortgage?
Read moreHow to Wisely Use Home Equity
Home equity is a great thing and the more you have, the better off you are. When you have home equity, you are either a lot closer to paying off your mortgage, or you can use it to obtain a second mortgage. But before you go ahead with the latter, first make sure that you’re using your home equity wisely, so that you don’t pay more than you have to and so that you can still be a lot closer to paying off that mortgage!
Read moreLooking for a U.S. Vacation Property? Get Financing in Canada First!
With the late arrival of winter so far in Ontario, we’ve been pretty lucky. But temperatures are starting to drop, and those snow fall measurements are already starting to take place in many of our cities. Naturally, this is the time many Canadians start thinking about investing in a second home, and it’s usually somewhere warm, and it’s usually in the United States. Who wouldn’t want to leave the sleet and the snow for just a few weeks of fun in the sun and days on the beach? But, before you start packing up your swimsuit and beach ball, you need to get financed – in Canada – first!
Read moreA New Year’s Resolution – Review Your Home Equity
Every December, people start thinking about how they’re going to change their lives in the New Year. They’re going to quit smoking, or they’re going to lose weight, or they’re going to fix some other bad habit they currently have. But New Year’s resolutions shouldn’t just revolve around your lifestyle and what you’d like to change about it – they should also be about your life, and what you’re going to do with it in the coming year! That’s why this December, every homeowner should review their home equity, and determine if it could help them in 2012.
Read moreObvious – and Not so Obvious – Ways to Build Equity in Your Home
Equity, the one thing that every homeowner wants. But aside from paying your monthly mortgage payment regularly, how can you build equity in your home so that it’s yours, and only yours, sooner?
Read moreWhat’s the Difference Between a Second Mortgage and Home Equity Loan?
Second mortgages, home equity loans, home equity lines of credit – what’s the difference? If you’re a homeowner and looking to borrow money by tapping into your home equity, these are just a few of the different terms you’re likely to hear, and you might be wondering what the difference is. Is there a difference between a second mortgage and a home equity loan? And how does a home equity loan differ from a home equity line of credit?
Read more4 Questions to Ask Before Taking Out a Home Equity Line of Credit
If you’re looking to invest in a new car, a remodel, or any other expense that you’ll need to borrow for, you might think that a home equity line of credit is a good way to do it; and you wouldn’t necessarily be wrong. But, before taking on a home equity loan, or any type of borrowing, you first need to ask yourself a few questions. Just because you’re able to pay your bills now, including mortgage payments and other debt, your situation could change in the future and you don’t want to find yourself drowning in debt
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