Not sure which mortgage is right for you?
Getting a Mortgage in BC When You’re Self-Employed — Without Traditional Income Proof Being your own boss has its perks, but when it […]
Declaring bankruptcy can feel like a major financial setback, but it does not mean your dream of homeownership is over. Many Canadians struggling with debt wonder, “can I get a mortgage after bankruptcy discharge?”. The answer is yes; you can qualify for mortgage loans after bankruptcy discharge, though there are hurdles to overcome first.
British Columbia homeowners have built significant equity in their properties over recent years. A credit HELOC offers an excellent way to unlock this potential and access funds for various financial needs.
A credit equity line offers British Columbia homeowners a flexible way to borrow against their home equity. Unlike a standard home equity loan, a credit equity line functions more like a credit card, providing access to funds up to a certain credit limit, secured by the value of your property.
Your mortgage term is almost up, and you’re probably wondering what’s next. Should you stick with your current lender and renew? Or would it make more sense to refinance and explore other options?
Missing a mortgage payment in British Columbia, Canada can have serious implications for your financial health and homeownership status. Recent data from the Canadian Bankers Association shows that as of January 2024, 0.15% of residential mortgages in BC were in arrears for 90 days or more. While this percentage is low, mortgage arrears are expected to rise back to pre-pandemic levels by the end of 2024
A second mortgage is typically acquired when homeowners need access to funds for specific financial goals, such as home renovations, debt consolidation, or major expenses like education and medical bills. It allows homeowners to tap into the equity they have built up in their property while still maintaining their original mortgage. Understanding second mortgage rates BC offers is crucial, as these loans often come with higher interest rates due to the increased risk for lenders compared to primary mortgages.
When life throws expensive projects like home improvements, college tuition, or medical bills, many homeowners turn to a second mortgage to cover their bases. But what is a second mortgage, after all?
A second mortgage is a type of loan that allows homeowners to borrow against the equity in their home, which is the difference between the home’s market value and the outstanding mortgage balance.
In this blog, we’ll give you the inside scoop on securing a second mortgage in British Columbia (BC), Canada, and spill the tea on why working with private lenders might be your best bet. After all, in a world where even homeowners need to hustle, it pays to know your options.
Choosing between a line of credit vs a mortgage is simple once you understand how each one of them works. In this post, we’ll explain the differences between the two most popular home equity loans homeowners can choose from, so you can make an informed decision.
We hope this article will help clarify any questions you might have and give you a roundup on the basics of home equity lines of credit vs mortgages.
Are you considering building a new home or renovating an existing property? If so, construction mortgages can provide you with the financing you need to make your vision a reality.
There’s no denying that the prospect of building your dream home from the ground up can be exhilarating. You have the freedom to choose the perfect piece of land, design every detail of your home, and watch your vision come to life before your eyes.
