Ordering an appraisal is a common step when doing any mortgage even when getting a home equity loan. Appraisals are necessary when homes are being bought or sold or when people refinance or take out a 2nd mortgage on their home or other Real Estate . The appraisal helps the parties to the transaction determine current market value, property condition and these factors helps determine loan to value & marketability of the home.
A hard money lender can mean different things to different people. In BC real estate this refers to individuals or companies like a (MIC. Mortgage Investment Corporations) that lends mortgages outside the banks strict lending guidelines. In the mortgage industry we refer to hard money lenders as private mortgage lenders or home equity lenders.
Buying a property in BC? Here’s everything you need to know about property taxes and reporting capital gains.
Not many people know that Canada basically has three types of governments: federal, territorial and provincial, and local. Each Province has its own municipality, and each of them, in return, determines where revenue comes from.
Getting approved for loans in Canada with no credit check sounds a bit far-fetched. That is until you google it and find out how easy it really is!
Maybe you are in need of some quick cash due to some unexpected expense. It could be a medical emergency, a vital appliance repair, or the family car that finally broke down. Or perhaps you’re just a bit short on cash and trying to stay on top of your bills to avoid paying a hefty fine.
A Foreclosure is a legal action that a lender can take if a person or company who borrows money using a mortgage stops making payments on the mortgage or violates any terms of the mortgage like “example” outstanding property tax or fire insurance policy that elapses etc.
Usually, when people file a consumer proposal, it is to assist them with debt consolidation by restructuring it all into one manageable payment. Once they’ve done this, homeowners usually see significant cash flow relief but still have this monthly bill looming over them.
If you are living in British Columbia and are looking for debt load relief by paying out your consumer proposal early, then keep reading!
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.
Is there an easy way to get a home equity loan with bad credit? Will a low credit score allow you to pull equity out of your home and use it for home improvements, a family vacation or your daughter’s wedding? The answer is yes! Click to learn more.
Wondering what to choose between a home equity loan vs a home equity line of credit (HELOC)? Your search for answers is over!
If you are looking for how to use home equity to consolidate high interest debt or cover urgent expenses, a fixed rate home equity loan might be a good idea to access funds right now.