How do Progress Draw Mortgages Work in Toronto?
We’ve talked about construction loans, or progress draw mortgages, at great length on this blog. When you want to build a home, your construction loan will be divided into several different parts, called draws, to be released at different times during the construction period. But how exactly does the application process work? It’s no secret…
Read morePros and Cons of Secured Line of Credit Against your Home in Ontario
Everyone gets that borrowing is somewhat frowned upon; and that if you don’t need to do it, you really shouldn’t. But when you can be responsible with your borrowing, something such as a secured line of credit can be a real relief when there are no answers in sight, and you need financial help. But…
Read morePurchasing a Home Using Bridge Financing
It’s the age-old question that homeowners often have when they want to sell their home and buy a new one: Should I buy or sell first? Sometimes you may not even have a choice, but if you do, which one should you choose? This is only one of many questions that homeowners often have about…
Read morePurchasing a Second House in Ontario
Today’s low interest rates have made it the most opportunistic time for homeowners to invest in a second home. And while there are lots of things to consider, including that home equity loan or HELOC you may need to take out on your first home in order to be able to afford it, there are…
Read moreRecreational Construction Financing in Ottawa
When you need a vacation home and you want to build it yourself, getting a mortgage for that property can be very murky. Most major lenders don’t deal with these loans as typical mortgages, or often even typical construction mortgages, because they simply don’t understand them. Because these loans don’t fall into one neat category…
Read moreRefinancing vs. Renewing a Mortgage
Often, the terms “mortgage refinancing” and “mortgage renewal” are used interchangeably. But really, there is only one similarity between the two. That’s the fact that they both deal with your mortgage. Mortgage renewals typically only renew your mortgage. This is especially important with Ottawa mortgages because Canadian mortgages work on terms and amortization rates. When…
Read moreRules for Renewing Mortgage in Toronto
Those who are currently, or are about to, renew their mortgage in Toronto are doing so at one of the most opportunistic times. With interest rates at historic lows, homeowners are now getting rates that are much less than the rates they obtained when they first applied for their mortgage. But what are the rules…
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