Using Home Equity to Purchase a Second Home
More and more Canadians are starting to purchase second homes; and as the number of retirees grows, so too will the number of second homes that are purchased. So, if you’re one of those Canadians looking to soon by a second home, how can you pay for it? One option is to simply save up…
Read moreUsing Your Existing Home to Buy Another
Buying a home is never easier than when you already have one to begin with! By simply tapping into the equity you’ve already built up in your home, you can borrow the funds you need for the down payment on your second home, whether it’s an investment property, a home for a child, or a…
Read moreExplaining the Process of Porting a Mortgage
When you port your mortgage, you simply take it with you from a home you’re selling to the new home you’re buying. The transfer can be very simple, as the terms and interest rate will stay the same (thus the point of porting your mortgage.) But just what’s involved in the porting process? You’ll need…
Read moreWhat Happens to Current Mortgage when Selling a House in Toronto
Selling your home is such an exciting time! You’re about to embark on a new journey in your life and there are a lot of fun changes ahead. But first, you’ll have to figure out what to do with your existing mortgage. So, what happens to your mortgage in Toronto when you sell your home?…
Read moreWhat is a Bridge Loan in Real Estate in Canada
It’s a common scenario. You’ve purchased a home, and your existing home hasn’t yet sold. You’re hoping that when it does, you can use the proceeds as the down payment on your home. Unfortunately the home you’re buying is closing before the home you’re selling, leaving you short on the down payment. So how are…
Read moreWhy are Self Employed Mortgages so Hard to Get?
With more and more of the major banks pulling out of the stated income market, how are self-employed people ever supposed to get a mortgage? And why are self-employed mortgages so hard to get? Self-employed mortgages actually aren’t hard at all to get if you have verifiable income. If you have a way to verify…
Read moreWhere to Get a Secured Line of Credit in Ontario
So you need a little extra cash and you’re wondering how you can get it. A line of credit is a great way to obtain the extra funds you need, but you need to know what type of line of credit would be best for you; and then you need to know where to go…
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