How to Use a Home Equity Loan for an Investment Property
There are varying reasons that a homeowner will choose to take out a home equity loan. It may be to purchase another property or it could be used for improvements. Another loan type is a HELOC, which is a line of credit secured by your home. You can withdraw funds whenever you need them so it offers a bit more freedom than a home. We’ll give you more insight on how to use your home equity loan to buy an investment property.
What are Mortgage Rates Like in Canada?
Learn more about the specific mortgage rates that Canadian lenders are offering consumers. While your credit history and reports will depend on the rate that you get from the financial institution.
Mortgage vs. HELOC: When Each One is Best
Are you trying to decide whether a mortgage or HELOC is best for your property? Here are some things to consider.
How to Protect Your HELOC from Rising Rates in 2022
If you have a HELOC, it’s most likely tied to Prime Rate. This means when Prime Rate is low, you benefit from a lower cost of borrowing and lower payments. However, when Prime Rate starts to increase, your cost of borrowing and payments will get higher as a result. And that looks to be happening this year in 2022.
Mortgages: The Ins and Outs in Canada
We’ve gathered the information you need to make that informed mortgage decision. You should choose the right mortgage and when you have some information on it; you can be sure to be someone who is making the right decision overall.
A Mortgage Gift Letter: When Do You Need One?
One way to keep the financing low in Canada is to use a mortgage gift letter to buy a home. To make full use of the letter, you need to follow some basic rules to proceed with financing.
Reverse Mortgages: A Post-Retirement Option to Access Your Wealth
Reverse mortgages are becoming a more popular option for older Canadians looking to preserve their purchasing power or bulk up their retirement savings in a red-hot Canadian real estate market — without leaving their home.
Credit Score for a Mortgage
Quick Links What is a Mortgage? Your Credit Score and Other Requirements Necessary Why is Your Credit Score Important for a Mortgage? Frequently Asked Questions About Credit Score for a Mortgage A mortgage would be an ideal loan to have when you are looking at purchasing a home. This is a large purchase, and generally,...
Building a Better Future: Financing That New Home Build
Many Canadians are looking to build a home of their dreams; however, they’d like. This is a new build that is completely different from purchasing an existing home that is already built. If you want to build a completely new home, then you need a specific type of loan in order to build it. Read on to find the information we’ve gathered on new construction loans and being able to build the home of your dreams.
Canadian Mortgage Rate Trends for 2021
In this article, you will find key information about current mortgage rate trends in Canada. The Bank of Canada (BoC) target rate, which is linked to variable mortgage rates, is at its lowest right now, so don’t expect any further drops! BOC has made a commitment to keep key rates low until the economy begins to recover. Many forecasters are predicting economic recovery will not gain pace until 2022 / 2023.