Requirements to get a Conventional Mortgage Loan in Toronto
Lots of people hear the term “conventional mortgage” and know that the phrase means a traditional, standard mortgage. But what is a traditional, standard mortgage? A standard mortgage is one in which the borrower has put down at least a 20 per cent down payment. This down payment is required on all conventional mortgages in…
Read moreRequirements to Qualify for a HELOC in Toronto
The new restrictions that have been placed on getting a HELOC, other second mortgages, and home refinancing have left a lot of homeowners confused about what they need to qualify for these types of loans. How much exactly can you borrow? And what are the exact requirements that you’ll need? With the new rules that…
Read moreRequirements to Qualify for HELOC in Toronto
A home equity line of credit, or HELOC , is a great way to use up the equity that’s just sitting around, not working hard for you, and use it for the extra cash that you need. But what are the requirements for obtaining a HELOC? The biggest requirement that will be asked of you…
Read moreResponsibility of Co-Signer for Mortgage in Ontario
If one of your family members or very, very good friends has bad credit and doesn’t have a sizable down payment to make up for it, they may come to you and ask you for help by co-signing their Ottawa mortgage. This can be a great thing to do. It will give them a good…
Read moreRights as a Co-Signer for Mortgage in Ontario
Has someone asked you to co-sign a mortgage in Ontario for them? Are you worried about it, because you think that you’ll be taking on a lot of responsibility, with very little to gain? You might not be wrong. Being a co-signer is a big responsibility and if you’re not careful, it’s something that could…
Read moreSecond Mortgage or Home Equity Line of Credit?
Second mortgages and home equity lines of credit can be a real help to homeowners when they need some extra cash. But what exactly is the difference? The two are very much related, as a home equity line of credit, or HELOC, is a type of second mortgage. A second mortgage is any mortgage that…
Read moreSecond Mortgage Requirements in Ontario
When homeowners have a good deal of value already built up in their home, tapping into that home equity can be a great way to get cash when you need it – and a second mortgage in Ontario can help you do it. But what are the requirements for a second mortgage? What you’ll need…
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