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 moreCan You get a Second Mortgage on a Commercial Loan?
A few days ago we talked about the differences between a commercial mortgage and a residential mortgage. And while the two certainly do have their differences, that post also outlined some of their similarities. One of those similarities, that was not covered in the earlier post, was that second mortgages can be obtained on both. However, there are still some differences between a second mortgage on a residential loan and one on a commercial mortgage. And the reasons a homeowner wants a second mortgage are probably going to be different than the reasons of a business owner.
Read moreGetting a second mortgage in Canada – Things to be taken into account
The purpose of taking out a second mortgage loan in Canada.
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