Mortgage Types

/Mortgage Types

Why do I need a down payment?

By | 2018-02-17T09:06:38+00:00 February 17th, 2018|Credit, Mortgage Types|

Can't I get a mortgage that will cover 100% of the cost? Sigh! I cannot tell you how often I hear these questions when I speak to a prospective client. The short answer is YES. You do need a down payment. Recently, the Office of the Superintendent of Financial Institutions changed the mortgage rules for both conventional and nonconventional mortgage borrowers; now, borrowers have to qualify using a minimum rate. A nonconventional mortgage is a mortgage in which your down payment is less than 20%, and a conventional mortgage entails paying 20% or more. You [...]

Should You Get a Second Home Mortgage?

By | 2018-02-16T12:00:35+00:00 January 28th, 2018|Mortgage Agent, Mortgage Types, Second Mortgage|

A second home mortgage is a loan that lets you borrow money against the value of your home and your home equity. Many homeowners decide to take out a second home mortgage for a number of reasons. They can be used to finance home improvements or repairs that improve the property's value, to pay for college, to finance a second home or even to go on vacation.However, before deciding to take out a second home mortgage, you should consider the two types of second home mortgages that are available while also comparing the advantages and disadvantages [...]

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