What is a Home Equity Loan?

Whether you are tired of putting off the remodeling of your home or you need extra cash for your child’s college fund, a home equity loan could be the answer you are looking for. Especially if you have lived in your home for several years (and have made regular payments on the mortgage’s principal), the equity accrued allows you to borrow against the home’s value. As long as your home’s value is more than what’s owed, you can borrow a lump sum of cash to use for whatever you wish. Let’s dig a little deeper… [...]

By |2018-09-18T13:09:31+00:00September 18th, 2018|Mortgage Information|0 Comments

Can Bi-weekly Payments Pay Off Your Mortgage Faster?

Easy answer: maybe. Nobody likes making their mortgage payment every month, and the thought of splitting it up and making two payments per month is enough to make many a homeowner scoff at the idea and say, “no thanks.” Yet, it’s certainly worthy of your consideration. The big question is if it’s worth your time and if it will make a dent in your home’s mortgage. Let’s find those answers out together. How this payment method works  Rather than making 12-monthly payments per year, you will be making half [...]

By |2018-09-17T16:11:55+00:00September 11th, 2018|Mortgage Information|0 Comments

How Do Construction Loans Work For Homeowners?

Thinking about a remodel or building a new home? It’s a big step. Even so, if your growing family is finding your home’s spaces cramped or you finally want to bring your home into the 21st century (better late than never), you really don’t have a choice if you love your property and don’t want to move. You need a construction loans – and getting approved is all about pre-planning accordingly. This means you need to speak with the construction company conducting the build to figure out a ‘construction timetable’ that will allow your lender to [...]

By |2018-08-28T09:15:29+00:00September 4th, 2018|Mortgage Information|0 Comments

Is An Interest-Only Mortgage Right For You?

“Interest-only mortgage? That… doesn’t sound like it makes sense.” If you are familiar with traditional mortgages, this is probably what’s running through your head right now. Understandably, it causes a bit of confusion and almost sounds like an oxy-moron. After all, if there’s no principal to pay how are you going to make any progress paying down your mortgage month-to-month? You won’t; rather, you don’t have to pay the principal every month only the interest. It may not make a whole lot of sense, but believe it or not there are instances where an interest-only mortgage [...]

By |2018-08-28T09:15:14+00:00August 28th, 2018|Mortgage Information|0 Comments

Minimizing Bad Credit with a Short Sale

You thought you would live in your home forever, yet life has other plans and you unfortunately have to move. Most of us probably know someone in this situation – and it’s never painless. For one reason or another, selling a home can be downright stressful; selling a home because you’re drowning in debt adds an even more stressful dynamic. What can you do? Is it possible to sell your home as soon as possible while avoiding a less-than-stellar credit report? It turns out there are certain best practices you can do to make the [...]

By |2018-08-16T15:21:42+00:00August 21st, 2018|Credit|0 Comments

Racing the Clock: Sell Your Home Before Foreclosure Proceedings Begin

One of the most powerless feelings is realizing that you may lose your home due to lapsed mortgage payments, yet it’s impossible to catch up. Let’s get one thing out of the way: there’s no shame in this! Life happens. Financial burdens hit hard. It doesn’t mean you’re powerless to get out of this situation with a semi-winning hand, though. If you are going to lose your home, you might as well benefit as much as possible. In a race against the clock, you need to know the best practices for selling your home before [...]

By |2018-08-16T15:23:34+00:00August 16th, 2018|Credit|0 Comments

Self-Employed? Getting a Mortgage is About to Get Easier

Ask any self-employed homeowner to tell you about their home buying experience and you are bound to hear at least a few tales involving grumbling, headache, and stress. The self-employed have always had an uphill battle when applying for a mortgage, but thankfully that may be about to change. CMHC Chief Commercial Officer Romy Bowers stated that the self-employed represent a significant portion of Canada’s workforce and the new policy would allow this demographic to, “benefit from competitive interest rates.”  Moreover, those that have been operating their own business [...]

By |2018-08-10T14:41:00+00:00July 31st, 2018|Mortgage Information|1 Comment

6 Benefits of Selling Your Home to a Real Estate Investor

Selling your home doesn't always need to mean listing it with a real estate agent and waiting for a buyer to come along. If you're looking for a quick sale, it can make a lot of sense to sell to a private real estate investor instead. You might not get quite as high a price, but you'll enjoy these six other benefits to make up for it. 1) Take Control of the Situation Selling your home on the open market often takes months or years, and in the meantime your life [...]

By |2018-08-10T14:41:14+00:00July 27th, 2018|Mortgage Information|0 Comments

What is a Letter of Explanation and Why Might Your Mortgage Lender Require One?

When working your way through the mortgage process, there are a large number of different documents that you will be asked to provide. The list can often seem never-ending. One of the more common documents that your mortgage lender may request is a letter of explanation (LOX). What is a letter of explanation? When deciding whether or not to approve you for a mortgage, the underwriter will take a close look at your financial history. Their investigation might include looking at your bank statements, retirement funds, tax returns, and pay stubs. [...]

By |2018-07-12T14:18:12+00:00July 11th, 2018|Mortgage Information|0 Comments

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